Monitoring Tightens Grip as Lithium Surges and Chrome Risks Persist in Q4 2025

Zimbabwe’s mining sector recorded generally stable performance in the fourth quarter of 2025, with strong growth in lithium production, steady PGM output and renewed activity in steel, even as persistent risks in chrome exports continued to demand heightened monitoring and audit interventions by the Minerals Marketing Corporation of Zimbabwe (MMCZ). According to the 2025 annual Monitoring Report, production and export activity remained largely consistent in platinum group metals (PGMs), lithium, coal, coke and steel. However, monitoring teams maintained intensified oversight in response to recurring risks of unverified and potentially illegal exports, particularly within the chrome sub-sector. At the same time, several strategic capacity-building projects progressed, strengthening MMCZ’s technical ability to verify mineral quality and volumes. PGMs Hold Steady Amid Producer-Specific Challenges In the PGM sector, Zimplats continued to outperform budget expectations, supported by strong milling and smelting throughput and robust converter matte production. Mimosa maintained stable concentrate output and recoveries, although recovery rates occasionally trailed targets. Unki Mine faced continued operational pressures driven by low feed grades, power supply disruptions and unresolved assay certification challenges linked to South African laboratory comparisons. Despite these constraints, stock levels across all PGM producers remained well controlled, limiting risks of unmonitored material accumulation. Lithium Momentum Accelerates as New Capacity Comes Online Lithium emerged as one of the quarter’s standout performers, with notable production growth recorded at Bikita, Prospect Lithium Zimbabwe (PLZ), Sabi Star and Kamativi. Export trends varied across producers, influenced by plant development schedules, deliberate stock-building strategies and moisture-management practices such as sun-drying at Sabi Star. A major milestone was achieved with the successful commissioning of the PLZ lithium sulphate plant, marking a significant step toward downstream value addition. However, operational challenges persisted in some areas. Bikita reported reduced caesium output due to uneconomical feedstock, while Gwanda Lithium accumulated substantial stockpiles in November and December, recording minimal exports during the period. Chrome Exports Under Scrutiny as Illegal Risks Persist The chrome sector continued to present the most critical monitoring risks. Afrochine retained its position as the largest high-carbon ferrochrome exporter, while African Chrome Fields increased chrome exports alongside expanded wash plant capacity. Zimasco further strengthened capacity with the commissioning of a new wash plant in Neta, capable of processing up to 8 000 tonnes per month. Despite these developments, MMCZ monitoring identified ongoing risks of illegal exports from unregistered and unmonitored wash plants in chrome-rich areas including Lalapanzi, Ngezi, Darwendale, Mutorashanga, Mapinga, and Mvurwi. Persistent discrepancies, where chrome concentrate assay results consistently exceeded producer-declared figures—reinforced the urgent need for systematic wash plant mapping, production audits and tighter export verification. Coal, Coke and Steel Show Uneven Recovery Performance in the Hwange coal and coke zone was mixed. HCCL and ZJI led thermal coal production, while South Mining, ZJI and Dinson dominated coke dispatches. In the steel sector, DISCO resumed high-volume production in November and December, following a production halt in October. Strengthening Technical Capacity to Close Gaps Beyond routine monitoring, Q4 saw tangible progress in strengthening MMCZ’s technical capabilities. Antimony samples were successfully assayed, with results received in December, while Certified Reference Materials (CRMs) were delivered in November to support quality assurance protocols. The Corporation also commissioned key Metallurgy Laboratory equipment, including ICP-OES, carbon-sulphur analysers, dust and fume systems, and XRF instrumentation, enhancing in-house analytical capacity. Looking Ahead While Q4 2025 reflected resilience and growth across key minerals, particularly lithium, the quarter also underscored persistent vulnerabilities in export verification, over-declaration risks at mine sites and illicit chrome movements. Addressing these gaps through enhanced audits, regional mapping and strengthened analytical capacity remains central to MMCZ’s monitoring mandate as the Corporation moves into 2026.