MMCZ Q1 Sales Jump 79% to $983.9 mln After Export Ban

By ETimes

HARARE – THE Minerals Marketing Corporation of Zimbabwe (MMCZ) reported record first-quarter mineral sales, with total volumes and values surging exponentially following a government ban on raw mineral exports enacted in late February.

The state-owned minerals marketer said total mineral sales reached 1,288,761 metric tonnes valued at US$983.85 million, surpassing 2025 volumes by 27% and values by 79%.

The result puts MMCZ firmly on track to meet and potentially exceed its annual revenue projection of US$3.5 billion.

The strong revenue performance was driven by improved prices across most mineral commodities.

Rough diamonds, however, remained an exception where price pressures continued to weigh on revenue, reflecting ongoing structural challenges in the global natural diamond market.

Platinum Group Metals delivered an exceptional value performance, contributing US$543.97 million in export revenue.

PGM concentrate sales surged 319% in value year-on-year, the strongest growth of any commodity in the quarter.

Lithium recorded the strongest performance, with Q1 sales reaching 240,826 metric tonnes valued at US$178.64 million, a 106% surge in value against the same period in 2025.

“Government’s ban on lithium concentrates exports, while producing short-term disruption to global spot supplies, has solidified Zimbabwe’s strategic influence over the global battery supply chain through domestic processing.

“As a supplier of approximately 15% of the spodumene imported into China, Zimbabwe is a critical and vertically integrated partner for the world’s leading battery manufacturers and the shift to processed products is projected to drive lithium export revenues beyond US$1 billion, significantly amplifying the sector’s contribution to national GDP,” said MMCZ general manager Nomusa Jane Moyo.

Steel sales rose 254% in value to US$68.22 million, while combined ferrochrome sales declined 8% in value to US$65.81 million.

Coal and coke exports rose 30% in volume to 491,318 metric tonnes, and diamond sales fell 29% in value to US$21.55 million, hit by production challenges and competition from lab-grown stones.

In the outlook, MMCZ said the global commodity environment in Q2 is shaped by both opportunity and heightened uncertainty, with the ongoing USA-Iran conflict disrupting the Strait of Hormuz and driving energy and select mineral prices sharply higher.