• MMCZ recorded 1.29 million metric tonnes in mineral sales valued at US$983.85 million in Q1 2026, with volumes rising 27% and sales value surging 79% year-on-year
• The strongest gains came from beneficiation-linked categories, with PGM concentrate value up 319% to US$191.73 million, PGM matte value up 69% to US$352.24 million, and lithium value up 106% to US$178.64 million
• Weakness remained in diamonds and ferro-alloys, with diamond sales value falling 29% and ferrochrome/ferro-alloy volumes down 28%

Harare- The Minerals Marketing Corporation of Zimbabwe delivered a historic performance in the first quarter of 2026 with total mineral sales reaching 1,288,761 metric tonnes valued at $983.85 million according tothelatest trading update. This represents a 27% rise in volume and a 79% surge in value compared with the same period in 2025.

The figures place the corporation on a clear trajectory toward its full-year target of $3.5 billion in revenue.

The catalyst was unambiguous. On 25 February 2026 the government imposed a ban on exports of unbeneficiated minerals. Within weeks the policy shifted the entire marketing dynamic. Instead of shipping raw ore, MMCZ began capturing significantly higher margins through domestic processing and value-added products. The result is concrete evidence that the ban is working as intended, converting Zimbabwe’s mineral endowment into greater national wealth rather than raw commodity rents.

PGM concentrate sales provided the clearest illustration. Volumes climbed 98% to 30,178 metric tonnes while value soared 319% to $191.73 million. PGM matte sales, although down 38% in volume to 3,080 metric tonnes, still generated $352.24 million in value, a 69% increase. Combined, the two categories delivered $543.97 million, confirming that beneficiation is translating into immediate revenue uplift even when physical volumes fluctuate.

Lithium followed a similar pattern. Sales reached 240,826 metric tonnes valued at $178.64 million, a modest 2% volume gain but a 106% jump in value. Steel sales exploded 150% in volume to 190,612 metric tonnes and 254% in value to $68.22 million. These outcomes demonstrate that the policy is not merely symbolic. It is actively reshaping the economics of key commodities by incentivising local processing and attracting premium pricing for finished or semi-finished material.

The ban has also sharpened Zimbabwe’s strategic leverage in global supply chains. As a major supplier of spodumene to China, the country is now positioning itself as a vertically integrated partner for battery manufacturers. Lithium export revenues are projected to exceed $1 billion annually once processing capacity scales. This structural shift is the most significant long-term implication of the policy.

Yet the results are not uniformly positive. Diamonds continued to struggle. Sales fell 11% in volume to 784,764 carats and 29% in value to $21.55 million. Global headwinds from lab-grown diamonds and production challenges at local mines compounded the pressure. Ferrochrome and ferro-alloy sales declined 28% in volume and 8% in value, reflecting softer alloy market conditions. These pockets of weakness highlight that the ban cannot fully insulate every commodity from international price cycles or operational bottlenecks.

Geopolitical developments add another layer of complexity. The ongoing conflict between the United States and Iran has disrupted energy flows through the Strait of Hormuz and driven up production costs for energy-intensive metals. Prices for certain critical minerals have risen more than 125% since hostilities escalated. While this creates opportunities for Zimbabwe’s PGM and lithium offerings, it also raises input costs and introduces volatility into planning.

MMCZ’s performance nevertheless signals that the export ban is delivering on its core objective. By compelling beneficiation at source, the policy is converting raw mineral exports into higher-value revenue streams and strengthening the corporation’s negotiating position with international buyers. The first-quarter numbers provide early but compelling proof that Zimbabwe’s mineral strategy is moving from rhetoric to measurable economic impact.

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