Zimbabwe’s platinum miners are owed millions in unpaid export earnings, deepening challenges in a sector already reeling from falling prices. The government requires exporters to keep 70% of foreign currency proceeds, converting the rest into local currency. As the world’s third-largest producer of platinum group metals, Zimbabwe depends on foreign currency to fund imports and repay loans.
Major producers like Valterra Platinum, Zimplats, and Mimosa exported \$690 million worth of platinum group metals in the first half of 2025. Since January, miners have not received the local currency equivalent of their export earnings, a mining chamber official said.
Deputy Finance Minister Kuda Mnangagwa confirmed cash flow constraints delayed payments, especially in the revenue-scarce first quarter. He said the government is working with miners to ensure these delays do not hurt operations further.
Platinum group metals, used in vehicle emission control, rank as Zimbabwe’s second most valuable mineral export after gold. Gold exports jumped to \$1.8 billion in the first half of 2025, up from \$870 million a year earlier due to high prices.
Gold producers also criticize the foreign currency retention rule, which reduces their income by forcing conversion into an overvalued local currency. Zimbabwe’s mining industry struggles amid currency controls, highlighting the tension between economic policy and supporting key export sectors.