MMCZ Records US$983 Million in Q1 Mineral Sales Amid Export Ban Reforms

The Minerals Marketing Corporation of Zimbabwe (MMCZ) recorded a strong performance in the first quarter of 2026, with mineral sales reaching US$983.85 million following the implementation of Government’s ban on the export of unbeneficiated minerals.

According to MMCZ, total mineral sales for the quarter reached 1,288,761 metric tonnes, representing a 27 percent increase in volumes and a 79 percent rise in value compared to the same period in 2025.

The corporation said the performance places it on track to meet or exceed its annual revenue target of US$3.5 billion.

The first quarter marked a major turning point in Zimbabwe’s mineral governance following Government’s decision on 25 February 2026 to ban exports of unprocessed minerals as part of broader beneficiation and value-addition reforms.

MMCZ said improved global mineral prices significantly contributed to the strong revenue growth, although rough diamonds remained under pressure due to ongoing structural challenges in the global natural diamond market.

Platinum Group Metals (PGMs) emerged as one of the strongest performing categories during the quarter, generating a combined US$543.97 million in export revenue across concentrate and matte products.

PGM concentrate sales reached 30,178 metric tonnes valued at US$191.73 million, representing a 98 percent increase in volume and a 319 percent surge in value compared to the same period last year.

Meanwhile, PGM matte sales totalled 3,080 metric tonnes valued at US$352.24 million. Although volumes declined by 38 percent, revenues increased by 69 percent due to stronger international prices.

MMCZ attributed the performance to sustained global demand for PGMs used in automotive, industrial and clean energy technologies.

Lithium also posted significant growth, with sales reaching 240,826 metric tonnes valued at US$178.64 million during the quarter.

This represented a 106 percent increase in value compared to the US$84.19 million recorded during the same period in 2025.

MMCZ General Manager Nomusa Jane Moyo said Government’s ban on lithium concentrate exports had strengthened Zimbabwe’s strategic position within the global battery supply chain.

“As a supplier of approximately 15 percent of the spodumene imported into China, Zimbabwe is a critical and vertically integrated partner for the world’s leading battery manufacturers,” she said.

Moyo added that the shift toward processed lithium products is expected to push Zimbabwe’s lithium export revenues beyond US$1 billion.

The steel sector also delivered one of the strongest performances during the quarter, with sales rising 254 percent in value to US$68.22 million from US$19.25 million recorded during the same period in 2025.

MMCZ said the growth was driven by increased production of value-added steel products and strong regional demand.

Coal and coke exports recorded a 30 percent increase in volumes, reaching 491,318 metric tonnes valued at US$50.77 million, supported largely by strong demand from South Africa.

However, diamond sales declined during the quarter, with exports falling 29 percent in value to US$21.55 million.

MMCZ attributed the decline to production challenges and increasing competition from lab-grown diamonds in global markets.

The corporation warned that global commodity markets entering the second quarter of 2026 remain exposed to heightened uncertainty due to geopolitical tensions, particularly the ongoing conflict involving the United States and Iran.

MMCZ said disruptions around the Strait of Hormuz have pushed up global energy costs, increasing production expenses for energy-intensive minerals and driving sharp price increases for several critical metals.

The corporation said the performance demonstrates the growing impact of beneficiation policies and Zimbabwe’s efforts to maximise value from its mineral resources as the country pushes toward achieving Vision 2030 goals.