Zimbabwe earned approximately $2.16 billion from lithium exports in the first nine months of 2026, surpassing platinum group metal revenues for the first time, according to the Minerals Marketing Corporation of Zimbabwe (MMCZ). Total mineral sales under the corporation’s mandate more than doubled, reaching $4.735 billion.

Lithium accounted for 45.6% of revenues recorded between January and September, outpacing platinum group metals by approximately $430 million.

“Lithium has overtaken platinum group metals as the leading source of revenue in the period under review,” MMCZ Director-General Nomusa Moyo said at a press briefing in Masvingo.

Mineral export revenues grew 101.8% compared with the same period in 2025, when they stood at $2.347 billion. Export volumes rose 23.4% to 4.738 million tonnes, reflecting higher sales but predominantly stronger prices.

Spodumene was the primary lithium export product, generating $1.812 billion — an increase of 368.2% year-on-year. The average price climbed from $387 to $1,483 per tonne.

Petalite sales reached $155.29 million, while lithium sulphate, a value-added processed product, contributed $190.52 million.

Moyo said the results reflect the early impact of Zimbabwe’s push to process mineral resources domestically before export, with the aim of increasing the value of shipments.

“This demonstrates the contribution that additional processing is beginning to make to export revenues,” she said.

Despite lithium’s ascendance, platinum group metals remained a significant revenue source, generating $1.729 billion in sales. Of that total, $1.263 billion came from metallurgical intermediate products (matte) and $465.56 million from concentrates.

In September alone, mineral exports generated $685.03 million, a year-on-year increase of 116.6%, driven by higher international prices, production growth, and expanded processing operations.

The MMCZ nonetheless cautioned that lithium prices could face downward pressure in the final quarter of the year, citing raw material oversupply and buyers’ caution in restocking.

“Overall, raw material prices are expected to remain significantly above 2025 levels during the fourth quarter of 2026,” Moyo said.

The MMCZ, which is responsible for marketing Zimbabwe’s minerals with the exception of gold and silver, said local processing and the trajectory of international prices would remain key determinants of export performance going forward.