en.Wedoany.com Reported - John Musekiwa, President of the Chamber of Mines of Zimbabwe, predicts that the country's mining sector will expand by 10% in 2026, driven by increased production of platinum group metals, gold, coal, and lithium. This forecast is based on strong industry momentum: following a 2% growth in 2024, the mining sector recorded a 7% increase in 2025, with industry revenue rising from $5.9 billion last year to $8.5 billion, primarily benefiting from higher global prices for gold and platinum group metals.
Speaking at an event in Victoria Falls, Zimbabwe, Musekiwa stated that platinum group metal production is expected to grow by 5% in 2026, with export revenue rising from $1.9 billion in 2025 to $2 billion; lithium production is projected to increase to 3 million tons (up from 2.5 million tons in 2025), with export revenue expected to reach $700 million. Despite the optimistic outlook, the industry requires approximately $10 billion in investment over the next three years to sustain existing operations and develop new projects.
Musekiwa noted that high operating costs remain a major challenge, and while the industry acknowledges the government's efforts this year to streamline fees and taxes, further reforms are crucial to attract more investment. Addressing key operational constraints, Innocent Matshe, Deputy Governor of the Reserve Bank of Zimbabwe, emphasized improved access to foreign exchange: mining companies can now participate in the voluntary buyer, voluntary seller foreign exchange wholesale market, thereby securing greater foreign exchange capacity for capital expenditures and operational needs. Matshe stated that with the mining sector's contribution doubling, the economy is expected to achieve 5% growth in 2026.
In 2025, mining accounted for 81% of Zimbabwe's total export revenue. The sector formally employs approximately 60,000 people, while generating significant multiplier effects across the broader economy, with an estimated $3 in additional economic activity created for every $1 invested.
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