HARARE — Zimbabwe is intensifying efforts to attract investors into the mining sector, particularly gold, which continues to anchor the country’s foreign currency inflows and remains the largest contributor to export revenue, a top industry executive has said.
CBZ Holdings chairman Luxon Zembe, speaking at the Zimbabwe Gold Investment Conference 2025 in Harare, said government policy is increasingly geared towards creating a favourable investment climate while pushing the industry to shift from raw mineral extraction to full value-chain development.
Zembe said Zimbabwe can no longer rely on exporting unprocessed ores, arguing that beneficiation and downstream value addition hold the key to transforming mining from a foreign currency lifeline into a catalyst for broad-based economic growth.
“We need to move into the value chain rather than just extracting raw materials, and the benefits will accrue to the economy,” he said.
Gold remains Zimbabwe’s largest single export, accounting for more than half of total export earnings. The country has over 4,000 recorded gold deposits and an estimated 13 million tonnes of reserves, positioning it among the most resource-endowed states in Africa. Zembe said the extent of Zimbabwe’s mineral wealth, which includes platinum, diamonds, coal, lithium and rare earths, presents a unique opportunity for both local and foreign investors.
He said government efforts to maintain stability, streamline licensing, and introduce investment incentives have begun improving investor confidence. He noted that consistency in policy and relative economic stability were crucial conditions for long-term capital inflows.
“The Government is committed to supporting the mining sector through policies that create a conducive environment for investors, including tax incentives and streamlined procedures,” he said.
Other speakers at the conference stressed that while gold remains critical to economic growth, the sector requires heavy investment in exploration to unlock its real potential. Dr Godknows Njowa, Principal Mining Engineer at EY Parthenon, warned that Zimbabwe is losing value by underfunding exploration even as global prices soar.
He noted that gold prices have reached around US$4,200 per ounce, arguing that Zimbabwe could potentially double its production if adequate funding was directed towards geological mapping and resource confirmation.
“We are losing because we could double current production if we spent more on exploration,” Njowa said.
Regional mining consultant Mabvuto Chipata said African governments must actively finance small-scale miners, who are responsible for a large share of gold output yet lack capital for exploration and mechanisation. He added that gold revenues should be used to diversify economies rather than deepening reliance on raw resource extraction.
Meanwhile, Victoria Falls Stock Exchange (VFEX) head Robert Mubaiwa said public listings remain an important route for improving transparency and governance in the mining sector. He said listed companies are compelled to follow higher standards of accountability, which can enhance community relations and improve investor trust.
“Getting on a public platform forces accountability in how companies conduct themselves. It also drives proactive decision-making,” he said.
Mubaiwa noted that the exchange has a pipeline of mining projects requiring funding and is pushing for mechanisms to identify and finance viable ventures.
The conference underscored a shared sentiment among industry leaders: Zimbabwe’s mineral wealth has the potential to transform the economy, but real gains lie in beneficiation, transparency, exploration investment, and policies that elevate the sector beyond extraction.
