Zimbabwe Mining Earnings Rise in 2025 but Miss Long-Stated $12 Billion Objective 

• Zimbabwe generated $3.4 billion in mineral export revenues in 2025, excluding gold and silver, according to the MMCZ.
• Total mining revenues remained far below the $12 billion target, reaching $5.56 billion in 2024 after $5.4 billion in 2023.
• Gold production rose 17% to a record 46.7 tonnes in 2025, but authorities have not disclosed the revenue impact.

The Minerals Marketing Authority of Zimbabwe (MMCZ), which markets minerals excluding gold and silver, reported $3.4 billion in export revenues in 2025. The authority said revenues increased 6% from 2024, but the figure remained well below the $12 billion national target, pending the release of gold and silver export data.

Authorities initially scheduled the target for 2023, but Zimbabwe has not met the benchmark. Available data showed the country generated $5.4 billion in mining revenues in 2023 and $5.56 billion in 2024. Although the MMCZ said it exceeded its own internal targets in 2025, the authority made no reference to the national $12 billion goal. The MMCZ said platinum group metals, lithium, chrome, and ferro-alloys generated most of its revenues.

A full assessment of 2025 performance will require the release of export data for gold and silver, two metals that benefited from sharply higher prices during the year. In early January, Fidelity Gold Refinery, which markets the metals, announced record gold production of 46.7 tonnes, marking a 17% increase from 2024. Chief Executive Officer Peter Magaramombe attributed the rise to strong prices but did not disclose the impact on revenues.

Mining plays a central role in Zimbabwe’s economy, accounting for 80% of exports and 19% of government revenue. As a result, reaching the $12 billion threshold would represent a major economic milestone. However, authorities have yet to clarify their current revenue targets or outline a timeline to achieve the ambition.