Zimbabwe’s platinum sector is heading into a stronger earnings phase, with export receipts projected to reach $2 billion in 2027 as firmer prices, steady demand and ongoing expansion across major mines reshape one of the country’s most important sources of foreign currency.

The outlook was presented at the Chamber of Mines of Zimbabwe annual conference in Victoria Falls in remarks read on behalf of Platinum Producers Association chairman Alex Mhembere by Mimosa Mining Company managing director Fungai Makoni, who also serves as chamber president. The projection points to a sector that is recovering from uneven production levels, even as export earnings have continued to rise on improved pricing.

“In the outlook for 2026, the Chamber of Mines estimates show that PGMs output is expected to increase by an average of five percent, with PGMs exports projected to reach $2 billion,” Mhembere said in the remarks. He noted that while market conditions remain fluid, demand has held up and supply constraints in key markets continue to support prices.

Price trends power PGM exports

The forecast follows a year in which export earnings strengthened despite lower production volumes. Zimbabwe’s platinum group metals sector generated $1.9 billion in 2025, up from $1.5 billion in 2024. Platinum output eased to 17,882 kilograms from 18,911 kilograms, while palladium fell to 14,620 kilograms from 15,603 kilograms over the same period.

Mhembere said the performance reflected how pricing rather than volumes drove results during the year. “Despite output for key elements in the PGM basket decreasing during the period under review, PGMs exports increased to $1.9 billion in 2025, from $1.5 billion in 2024,” he said. “This, in large part, reflected a strong recovery in prices for key elements of the PGM basket in 2025.”

Platinum group metals remain a key pillar of Zimbabwe’s export base, accounting for more than 40% of mineral export earnings over the past five years and supporting about 18,000 direct jobs. The sector is the country’s second-largest source of foreign currency after gold, which brought in $4.6 billion last year. Together, both commodities remain central to Zimbabwe’s foreign exchange inflows.

Beyond export earnings, the industry also contributes through taxes, levies and local spending. Producers channel an estimated 20% of earnings to government, while also supporting suppliers and community development programmes linked to mining operations.

Smelter expansions drive Zimbabwe mining growth

Zimbabwe holds one of the world’s largest platinum group metals deposits, with reserves estimated at 32 million ounces of platinum, palladium and rhodium in the Great Dyke formation, a mineral belt that runs through the country’s mining heartland.

That resource base is now driving a new round of expansion. Existing miners are lifting capacity, while new projects are moving forward, including Karo, Great Dyke Investments and Bravura, each at different stages of development. As these projects mature, they are expected to add to national output over time.

Production remains anchored by Zimplats, Unki and Mimosa, which together account for a large share of output and investment activity across the platinum belt. Companies are also adding smelting capacity as part of efforts to process more material locally rather than exporting raw concentrates.

Mhembere said capital spending is increasingly focused on downstream processing as firms align with government policy aimed at keeping more value within the country. That direction has been reinforced under Zimbabwe’s beneficiation framework in the National Development Strategy 2, which runs from 2026 to 2030.

Zimbabwe pushes deeper PGM refining strategy

Under that framework, authorities are pushing for deeper processing of platinum group metals, including converting matte into residue and separating individual metals such as platinum, palladium and rhodium. The process involves removing base metals from sulphide matte using acid and oxygen, leaving a residue rich in PGMs for further refining.

The policy builds on progress recorded under the National Development Strategy 1 period from 2021 to 2025, during which Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said mining firms expanded beneficiation capacity and strengthened domestic processing from concentrate to matte.

With prices steadier, demand holding and producers continuing to invest in new capacity and processing facilities, Zimbabwe’s projected $2 billion in PGM exports by 2027 reflects a sector adjusting to shifting market conditions while working through a policy push for more local processing and higher-value output.