Zimbabwe’s mineral export earnings excluding gold and silver more than doubled to $4.735 billion in the first nine months of 2026, driven by higher lithium prices and a surge in sales that saw the battery metal overtake platinum group metals (PGMs) as the country’s leading revenue earner.
Earnings rose 101.8% from $2.347 billion a year earlier, while export volumes increased 23.4% to 4.738 million tonnes from 3.840 million tonnes, according to the Minerals Marketing Corporation of Zimbabwe (MMCZ) .
LITHIUM OVERTAKES PGMs
Lithium generated approximately $2.159 billion, or 45.6% of total mineral export sales, compared with $1.729 billion from PGMs, which accounted for 36.5%.
Spodumene concentrate sales surged 368.2% to $1.812 billion, supported by a 283% increase in the average realised price to $1,483 per tonne from $387 a year earlier.
Petalite sales increased 583.3% to $155.29 million, while lithium sulphate, a higher-value processed chemical, contributed $190.52 million from approximately 33,807 tonnes, having recorded no sales in the same period last year .
“We attribute lithium’s emergence as the leading revenue earner to the beneficiation work being driven by Government, alongside producers’ investment and operational efforts,” said MMCZ General Manager Dr Nomusa Moyo. “This demonstrates the contribution that further processing is beginning to make to export earnings” .
BENEFICIATION POLICY DRIVES GROWTH
The surge follows Zimbabwe’s February 2026 ban on exports of raw minerals and lithium concentrates, a policy designed to force producers to process minerals locally before export. In April, the mines ministry set conditions for resuming concentrate shipments, including company quotas and written commitments to build processing plants, while maintaining a 10% export tax on concentrates.
Producers face a January 1, 2027 deadline for shifting from concentrate exports to processed lithium products .
However, processing capacity remains a constraint. Lithium Producers’ Association chairman Innocent Rukweza warned in June that only one of Zimbabwe’s seven major lithium producers had completed a processing facility capable of meeting the requirements, calling for the deadline to be extended. Mines Minister Polite Kambamura rejected requests for a postponement in July.
SEPTEMBER PERFORMANCE STRONG
September alone generated $685.03 million in mineral export sales, representing a 116.6% increase from the same month last year. Monthly export volumes rose 70.8% to about 844,063 tonnes.
PGM sales rose 31.6% to approximately $1.63 billion, while concentrate sales increased 69.8% to $465.56 million. Production and dispatches were affected by Zimplats’ furnace maintenance during September .
Other minerals also recorded strong growth, with high-carbon ferrochrome, chrome concentrate, steel, coke, granite and diamonds registering increases in both value and volume .
RISKS AHEAD
The surge leaves Zimbabwe exposed to fluctuations in lithium prices. An October 8 analysis by Equity Axis estimated that a 10% decline in spodumene prices, assuming unchanged sales volumes, would cut export revenue by about $181 million—equivalent to roughly 42% of lithium’s earnings lead over PGMs .
For the remainder of the year, MMCZ said the outlook is mixed across commodities. Battery and energy-storage demand is expected to continue supporting lithium consumption, although buyers are becoming more selective. For PGMs, platinum is expected to perform better than palladium and rhodium, with demand and prices likely to remain differentiated and volatile .
Overall, commodity prices are projected to remain above 2025 levels during the fourth quarter .