ZIMBABWE’S mining sector generated approximately US$2 billion in revenue during the first half of the year, underscoring the industry’s growing role as the country’s leading source of foreign currency earnings.
Mines and Mining Development Minister Polite Kambamura said the strong performance had positioned the sector for an even bigger contribution in the second half.
“The first half of the year was about US$2 billion in revenue. Going forward, we are looking at around US$6,5 billion to US$7 billion in export receipts, anchored by minerals such as gold,” Kambamura said at a media briefing in Harare on Thursday.
The minister attributed the positive outlook to firm commodity prices, particularly gold, and improving prospects for platinum group metals (PGMs), which remain among Zimbabwe’s most valuable mineral exports.
Gold has emerged as a key driver of the sector’s growth, benefiting from record international prices that have boosted earnings for producers and strengthened the country’s export outlook.
Kambamura said Zimbabwe remained on course to achieve its annual gold production target of 50 tonnes and could potentially surpass it as authorities intensify efforts to channel production through formal marketing systems.
“We have introduced policies to make sure that every ounce of gold is delivered,” he said.
“As a ministry, we will be looking at those deliveries with an eagle eye to ensure that every miner who is digging for gold contributes meaningful returns to government.”
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The government’s renewed focus on gold deliveries comes against the backdrop of longstanding concerns over smuggling and under-reporting, which have deprived the fiscus of significant revenues over the years.
Authorities have repeatedly identified illicit gold flows as one of the biggest threats to maximising value from the country’s mineral resources, prompting efforts to strengthen monitoring and improve compliance across the sector.
Beyond gold, Kambamura said improving PGM prices were expected to further support export growth in the coming months.
“The world market price for gold continues to firm up, while PGM prices are also strengthening,” he said.
Mining remains central to Zimbabwe’s economic strategy, accounting for the bulk of export earnings and playing a critical role in generating foreign currency required to support industrial activity and broader economic growth.
The projected rise in export receipts would provide a significant boost to foreign currency inflows and government revenues at a time when authorities are increasingly looking to the extractive sector to drive economic expansion.
With global commodity markets remaining favourable and production trends pointing upwards, the mining industry appears set to build on its first-half performance and cement its position as the backbone of Zimbabwe’s export economy.
