Zimbabwe's Critical Minerals.
Every one that matters.
On 22 May 2026, Zimbabwe's Ministry of Mines formally classified the country's mineral endowment into three investment tiers. All projects are structured under the current regulatory framework. Status, legal classification, and investor eligibility are stated plainly for each commodity.
Chrome
The Great Dyke is the world's largest chromite resource — a 550-kilometre layered mafic intrusion carrying Cr₂O₃ grades of 44–52% across consistently mineable seam widths. Zimbabwe's in-situ chromite resource is estimated at 10.8 billion tonnes. The February 2026 raw mineral export ban redirected all unbeneficiated ore to domestic processing, creating immediate structural demand for wash plant and concentrator investment that the market has not yet fully met. MZM's chrome project is live — title verified, assay confirmed, CAPEX modelled, and SPV structure in place.
Chrome is declared a Critical Mineral under the 22 May 2026 Ministry of Mines announcement. The State holds mandatory minimum shareholding via designated SPVs. Raw chrome export is prohibited without Minister-approved conditional transitional plan. MZM structures all chrome investments within this framework.
- —CIF China benchmark: $320–380/t for 48–50% Cr₂O₃
- —50 TPH wash plant capital requirement: $310K–$410K
- —Estimated payback: approximately 2.6 months at full utilisation
- —Net margin: $48/t at base case pricing
- —Domestic offtake: Zimasco and Afrochine smelters
- —Export route: CIF China via Beira, Letter of Credit structure
Lithium
Zimbabwe hosts three Tier 1 hard-rock lithium deposits — Bikita, Arcadia, and Kamativi — carrying spodumene, petalite, and lepidolite mineralisation across Masvingo, Harare, and Matabeleland North provinces. Arcadia holds an indicated resource exceeding 40 million tonnes at 1.08% Li₂O. Asian demand for battery-grade lithium carbonate and spodumene concentrate is structurally outpacing supply. Zimbabwe holds the largest lithium deposits on the continent. MZM's lithium project is live and structured for compliant foreign investment under the Critical Minerals framework.
Lithium is declared a Critical Mineral under the 22 May 2026 announcement. Raw lithium export is prohibited without a Minister-approved conditional transitional plan. All exploitation requires State SPV mandatory minimum shareholding. MZM navigates this framework on behalf of investors.
- —Battery-grade spodumene: 6% Li₂O concentrate target
- —Arcadia indicated resource: 40 million tonnes at 1.08% Li₂O
- —Asian EV supply chain demand: primary offtake market
- —State SPV co-investment: structured and accounted for
- —Minister of Mines prior approval: required and in progress
- —Title verified. CAPEX confirmed. Structure in place.
Gold
Zimbabwe's Archean greenstone belts host one of Africa's most structurally complex orogenic gold systems — over 4,000 registered claims across the Harare, Midlands, and Matabeleland provinces. Gold is declared a Strategic Mineral under the May 2026 instruments. Following the Ministry of Mines policy statement of 22 May 2026, the small and medium scale gold mining sector is reserved exclusively for Zimbabwean citizens and wholly Zimbabwean-owned entities. Foreign participation is legally permissible only in large-scale operations that exceed 20 kilograms per month in production and USD 15 million in capital investment.
MZM does not facilitate foreign investment in small or medium scale gold operations. Any investor seeking gold exposure through MZM must qualify for large-scale classification. MZM structures only compliant large-scale gold participation and confirms investor qualification before engagement proceeds.
- —Small/medium scale gold: reserved for Zimbabwean citizens only
- —Foreign participation threshold: above 20kg/month AND above USD 15M capital
- —Deadline for foreign operators at small scale to transition: 1 January 2027
- —Proxy and nominee structures: explicitly unlawful under the policy
- —Large-scale gold: open to foreign investment when structured correctly
- —All gold marketing: through Fidelity Gold Refinery, mandatory
Copper
Zimbabwe's Magondi Belt hosts stratabound sediment-hosted copper mineralisation in Mashonaland West. Verified assay results confirm commercial-grade copper across multiple samples. The Magondi Belt's historically productive Alaska, Mangula, and Mhangura deposits established metallurgical and processing precedent for the belt. Additional porphyry and skarn copper targets in the Zambezi Belt remain largely undrilled to modern standards. MZM is progressing metallurgical testwork and SPV structuring. This is a pipeline project — substantive investor engagement opens when it is investor-ready.
Copper is declared a Critical Mineral. Raw copper export is prohibited. Processing to concentrate or cathode is required before export. State SPV mandatory shareholding applies. MZM will not take investor capital into this project until it meets investor-ready standards.
- —Antech-verified: 3.73% Cu (Sample P7839)
- —Antech-verified: 2.45% Cu (Sample P7840)
- —Declared Critical Mineral: State SPV co-investment required
- —Metallurgical testwork: in progress
- —Processing route: modular SX-EW under evaluation
- —Investor-ready timeline: to be confirmed
Declared Critical Minerals.
Structured entry when investor-ready.
All five commodities below are formally declared Critical Minerals under Zimbabwe's May 2026 instruments. Foreign investment is open through the State SPV framework. MZM will not accept investor capital until each mandate meets investor-ready standards.
Platinum Group Metals
Zimbabwe is the world's second-largest PGM producer. The Great Dyke's Main Sulphide Zone averages 3.5–4.5 g/t combined PGE — platinum, palladium, rhodium, ruthenium, iridium, and osmium. Ruthenium is independently declared a Critical Mineral. Palladium's sustained premium in autocatalyst and electronics markets makes Zimbabwe's palladium-dominant profile commercially distinct. Significant undeveloped strike remains open beyond current producer footprints.
- —MSZ grade: 3.5–4.5 g/t combined PGE
- —Palladium-dominant profile: premium over platinum sustained
- —Ruthenium: independently declared Critical Mineral
- —State SPV co-investment: mandatory
- —Undeveloped Great Dyke strike: significant entry points remain
Nickel
Epoch, Trojan, Shangani, and Hunters Road define Zimbabwe's nickel belt — pentlandite-pyrrhotite sulphide mineralisation averaging 0.6–1.2% Ni with conventional processing characteristics suited to Class 1 nickel production. Chinese, South Korean, and Vietnamese battery manufacturers are actively seeking upstream supply security in stable African jurisdictions.
- —Average grade: 0.6–1.2% Ni
- —Mineralisation: pentlandite-pyrrhotite magmatic sulphide
- —Primary demand: EV battery cathode supply chain
- —Key deposits: Epoch, Trojan, Shangani, Hunters Road
- —State SPV co-investment: mandatory
Manganese
Near-surface oxide manganese in the Gwanda and Insiza greenstone sequences is amenable to low-cost open-pit extraction. Global manganese demand is bifurcating — steelmaking alloy demand remains the primary driver while battery-grade high-purity manganese sulphate is establishing a premium market for EV cathode producers across Asia.
- —Deposit style: near-surface oxide enrichment
- —Dual demand: steelmaking alloy and battery-grade HPMS
- —Processing: amenable to low-strip open-pit
- —Asian EV cathode demand: growing premium market
- —State SPV co-investment: mandatory
Additional Declared
Critical Minerals.
Every commodity listed below is formally declared a Critical Mineral under Zimbabwe's May 2026 Ministry of Mines instruments. Each has a documented deposit, an established global market, and a defined path to structure. MZM tracks all of them.
Rare Earth Elements
Dorowa, Shawa, and Chishanya carbonatite complexes carry light rare earth mineralisation — cerium, lanthanum, and neodymium — directly relevant to permanent magnet manufacturing for wind turbines and EV motors. Among the most underexplored carbonatite REE provinces in Africa.
Graphite
Crystalline flake graphite occurrences in metamorphic sequences. Critical battery anode material with global supply currently dominated by China — creating structural demand for stable African sources from Asian battery manufacturers.
Tungsten
Skarn and vein-type tungsten mineralisation in the eastern highlands. High-value, low-occurrence Critical Mineral with applications in cutting tools, armaments, electronics, and aerospace manufacturing. Demand concentrated among industrialised economies.
Niobium
Niobium mineralisation in carbonatite and pegmatite systems. Global supply dominated by a single Brazilian producer — creating strategic interest from steel manufacturers, aerospace companies, and superconductor producers.
Antimony
Hydrothermal vein antimony in the greenstone belts, historically produced in association with gold. Chinese export restrictions in 2024 created urgent demand from Western and Asian industrial buyers for alternative sources.
Tantalum
Columbite-tantalite and wodginite in Bikita and Kamativi pegmatite systems, in direct association with lithium mineralisation. Critical input for aerospace, medical, and electronics capacitor manufacturing.
Uranium
Zimbabwe holds uranium mineralisation across several geological settings. Declared Critical Mineral under the May 2026 instruments. Investment subject to additional international safeguards and sector-specific regulatory requirements.
Every commodity in this portfolio is formally classified under Zimbabwe's May 2026 Ministry of Mines instruments. Two mandates are investor-ready today. The pipeline behind them is deliberate, not speculative — every commodity tracked here has a confirmed deposit, an established market, and a defined path to structure.
Interested in chrome or lithium?
Both projects are investor-ready. Contact MZM to receive the relevant investment brief under NDA.
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