Africa-Press – Zimbabwe. MINERAL earnings are expected to end the year at US$7 billion before growing to US$7,5 billion in 2026, buoyed by surging gold prices and a recovery in commodity prices for other minerals, it has been revealed.
As previously reported, Fidelity Gold Refinery (FGR) is anticipating gold deliveries to rise to 45 tonnes by year-end, exceeding initial projections of 40 tonnes as miners look to cash in on soaring gold prices.
This comes as, since the start of the year, the gold price per ounce has surged by over 50% to US$4 159,52, which is expected to rise even further to US$4 900 next year.
The US$7 billion and US$7,5 billion earnings for 2025 and 2026, respectively, comes on the heels of the Chamber of Mines of Zimbabwe (CoMZ) initially projecting export earnings of US$6 billion and US$6,5 billion.
“Mineral earnings are expected to reach US$7,5 billion in 2026 from approximately US$7 billion 2025. This growth is expected to be driven by anticipated strong output performance and favorable commodity prices. Gold and PGMs [platinum group of metals] are expected to account for more than 70% of mineral earnings in 2026,” CoMZ’s newly released Mining Prospects 2026, incorporating The State of the Mining Industry Survey Report, revealed.
“Commodity market conditions expected to improve Respondent mining executives are generally optimistic about prospects of improved commodity market conditions in 2026 with a measured index of +18. Most respondents are expecting prices for key commodities such as PGMs, lithium and gold to firm up in 2026.”
However, CoMZ indicated that despite the growth projection of the industry, there are still some challenges that will slow down this growth, such as taxation, bureaucratic issues and power cuts.
“Mining fiscal framework expected to worsen. Mining executives are generally pessimistic about the prospects for an optimal fiscal regime in 2026 with a measured index of -13,” the report read.
“The executives indicated that they are already experiencing increased pressure from the government and Zimra [Zimbabwe Revenue Authority] to collect more revenue from the mining industry and are concerned that the government may introduce new taxes or increase existing ones in 2026.”
Infrastructure and energy prospects are being weighed down by miners having to increase their expenditure into alternative power solutions amid persistent electricity cuts.
Respondent mining executives, according to the survey, are generally pessimistic about power supply availability at their operations in 2026 with a measured index of -6,3.
Further findings from the survey revealed that access to foreign currency is also expected to worsen, with mining executives also pessimistic about this, considering the forex retention threshold of 70% on all earnings.
“Most respondents are concerned that availability of foreign currency may worsen in 2026, citing uncertainties around implementation of the de-dollarisation plan that may result in reduced foreign currency retentions for the mining industry,” the report read.
“Respondent mining executives expect the mining policy and legislative environment to remain suboptimal in 2026 with a measured index for mining policy at -3, citing prolonged uncertainty surrounding the finalisation of amendments to the Mines and Minerals Act, Economic Empowerment Bill, Local Content Implementation Framework and outstanding matters surrounding the Use it or lose it policy.”
Speaking at the launch of the report, Mines and Mining Development minister Wiston Chitando said as the government, they would engage other stakeholders about the issues raised in the survey.
“We will engage outside this (launch) on the results of this survey so that when we meet again next year, those areas that were negative will have been addressed,” he said.
“Those areas where there were negative perceptions will have been addressed. We are going to engage to ensure that we have a mining environment which has the right ingredients for the success of the industry and in support of His Excellency (President Emmerson Mnangagwa)’s 2030 vision.”
For More News And Analysis About Zimbabwe Follow Africa-Press
