MMCZ Posts 14% Sales Growth … as Mineral Exports Hit US$3.4 Billion in the FY2025

The Minerals Marketing Corporation of Zimbabwe (MMCZ) recorded a strong sales performance for the financial year ended December 31 2025, posting cumulative mineral sales that surpassed prior year comparable data in both volume and value terms. The performance reflects improved market conditions, enhanced operational efficiencies and the benefits of strategic systems upgrades. FY2025 Sales Performance Overview (January–December) Cumulative mineral sales for FY2025 reached 4,890,720.05 metric tonnes, valued at US$3.401 billion, surpassing the budgeted 4,756,352.64 metric tonnes valued at US$3.206 billion. This represents positive variances of 3% in volume and 6% in value. Compared to FY2024, when 3,032,681.24 metric tonnes valued at US$2.974 billion were exported, FY2025 performance reflects a surge of 61% and 14% in volume and value terms respectively. Commenting on the performance, MMCZ General Manager Dr. Nomusa Jane Moyo attributed the growth to a rebound in prices for key revenue-generating minerals, particularly Platinum Group Metals (PGMs), coupled with improved export processing efficiencies. Commodity Performance Highlights Platinum Group Metals (PGMs) PGM Concentrates Sales exceeded targets, with 73,506 metric tonnes sold at a value of US$306 million. Compared to FY2024, export volumes declined by 52% while export value decreased by 44%, relative to the 153,957 metric tonnes valued at US$549 million recorded in the prior year. The contraction in both volume and value is attributable to a shift towards downstream beneficiation of PGM concentrates into matte through toll-processing arrangements between PGMs producers resulting in reduced direct concentrate exports PGMs Matte PGM matte sales recorded a 71% increase in value, reaching US$1.5 billion from 37,194 metric tonnes exported. In FY2024, 36,348 metric tonnes were sold at US$914 million. Performance was supported by firm global prices and significant gains in platinum, palladium and rhodium. Lithium and Pollucite As at 31 December 2025, lithium sales reached 1,522,893.93 metric tonnes, generating US$571.56 million, outperforming volume and revenue targets by 33% and 10%, respectively. Pollucite sales declined sharply in volume to 2,311.00 metric tonnes, a 79% decrease against an 11,000 metric tonne benchmark. Despite lower volumes, revenue of US$6.18 million exceeded projections by 55%. Ferro-Alloys (Including HCFC) Combined ferro-alloy sales—(high carbon ferrochrome, medium carbon ferrochrome and ferro-silicon chrome)—totalled 433,293 metric tonnes, valued at US$372 million. This reflects a 19% increase in volume and an 11% increase in value compared to FY2024, when 364,902 metric tonnes were sold at US$334 million. High carbon ferrochrome was the leading contributor, accounting for 427,444 metric tonnes valued at US$365 million. Chrome Ore Concentrates In FY2025, MMCZ sold 886,752 metric tonnes of chrome concentrates, generating US$150 million. Export volumes increased marginally by less than 1% year-on-year; however, revenue declined by 12% due to lower average market prices. Steel Steel sales reached US$92.1 million from 146,314 metric tonnes sold during the year. This represents a 450% increase in value compared to FY2024, when 80,476 metric tonnes were sold at US$16.7 million. 2026 Market Outlook MMCZ projects a US$3.5 billion revenue target for 2026, underpinned by a positive outlook for PGMs, driven by supply constraints and growing demand from hydrogen energy, jewellery and industrial applications. The diamond market is expected to remain mixed, with robust demand for large, high-quality stones offset by continued pressure on smaller goods. Coal, coke and metallurgical coal markets are projected to remain firm through 2027, supported by infrastructure development and sustained global steel production. The lithium market is expected to rebalance in 2026, with prices projected to recover, driven by growing demand from energy storage systems and electric vehicles.