Lithium Overtakes PGMs as Mineral Exports Hit US$4.7bn

Zimbabwe’s mineral export earnings more than doubled to US$4.735 billion in the first nine months of 2026, with lithium overtaking platinum group metals (PGMs) as the country’s leading mineral revenue earner.

The latest figures from the Mineral Marketing Corporation of Zimbabwe (MMCZ) show mineral export sales increased 101.8 percent from US$2.347 billion recorded during the same period last year, generating an additional US$2.388 billion.

MMCZ General Manager Dr Nomusa Moyo said the strong performance was driven by increased beneficiation, higher commodity prices, new markets, improved production and efforts to curb mineral leakages.

“The positive performance is attributable to, among others, increased beneficiation, global increases in commodity prices, development of new markets, enhanced production, and increased efforts in curbing mineral leakages,” Dr Moyo said.

Mineral sales volumes also increased 23.4 percent, rising from 3.840 million metric tonnes to 4.738 million tonnes during the nine-month period.

September recorded mineral export sales of US$685.03 million, representing a 116.6 percent increase compared with September last year.

Lithium products, comprising spodumene, petalite and lithium sulphate, generated US$2.159 billion, accounting for 45.6 percent of total mineral export earnings.

PGMs generated US$1.729 billion, representing 36.5 percent of total sales, leaving lithium about US$430 million ahead.

“Lithium sulphate sales alone generated 190.52 million USD. This demonstrates the contribution that further processing is beginning to make to export earnings,” she said.

Spodumene was the largest individual contributor at approximately US$1.812 billion, up 368.2 percent from the corresponding period last year.

Petalite sales rose 583.3 percent to US$155.29 million, while lithium sulphate generated US$190.52 million from about 33,807 tonnes, compared with no corresponding sales in 2025.

PGM sales increased 31.6 percent to approximately US$1.63 billion, while concentrate sales rose 69.8 percent to US$465.56 million.

For the fourth quarter, MMCZ expects commodity prices to remain significantly higher than 2025 levels, although market conditions are expected to remain mixed.