Zimbabwe Bans Raw Mineral Exports, Targets $6.5 Billion Mining Buffer Against US-Iran Tensions
Updated
Updated · Business Insider Africa · Jun 15
Zimbabwe Bans Raw Mineral Exports, Targets $6.5 Billion Mining Buffer Against US-Iran Tensions
3 articles · Updated · Business Insider Africa · Jun 15
Summary
Zimbabwe said it will use projected mineral export receipts of $6.5 billion-$7 billion as a buffer against economic strain tied to US-Iran tensions and oil-market disruption.
The plan leans on firmer gold prices, a recovery in platinum group metals and rising lithium output, after mining already brought in about $2 billion in the first half.
Harare has also banned exports of raw minerals and lithium concentrates to force in-country processing, lift value addition and tighten control over export leakages.
Officials said the export curbs were accelerated from a 2027 timetable after under-declaration, corruption and excess permits made malpractices too widespread to ignore.
Mining contributes 13%-15% of Zimbabwe's GDP, making the sector central to the government's effort to shield the economy from wider geopolitical shocks.