Zimbabwe’s lithium export earnings rose almost 230 percent to $782.2m in the first six months of 2026, up from $237.2m a year earlier, Finance Minister Mthuli Ncube said while presenting the government’s mid-year economic review to Parliament.
The increase strengthens Harare’s case for processing more battery minerals at home, but it does not amount to a production boom. Annual lithium output is forecast to dip slightly, indicating that volume alone cannot explain the increase and that prices, product mix or stockpile releases may also have contributed.
Lithium strengthens mining revenues
Ncube said lithium products generated about 12 percent of Zimbabwe’s mineral export earnings during the half year, placing the battery mineral behind only gold and platinum group metals.
He said mining was expected to ‘further increase its contribution to GDP, foreign currency generation and employment’ as the government pursued mineral beneficiation and value addition.
The official 2026 Mid-Term Budget and Economic Review put the increase in lithium-product earnings at 229.8 percent. It also projected overall mining growth of 5.6 percent in 2026, following an expansion of 10.4 percent last year.The figures add weight to Zimbabwe’s effort to turn lithium into a larger source of foreign currency. However, the review does not separate earnings from concentrate, lithium sulphate or stockpile sales, making it difficult to determine how much of the increase came directly from local processing.
Zimbabwe’s first lithium sulphate plant began exporting in April, giving the country its first significant capacity to sell a higher-value intermediate rather than relying almost entirely on concentrate.
The $400m Arcadia facility, operated by Zhejiang Huayou Cobalt’s Prospect Lithium Zimbabwe, forms the industrial centrepiece of Harare’s lithium-processing strategy. Lithium sulphate can be refined further into battery-grade lithium hydroxide or carbonate.
Africa Briefing has previously examined Zimbabwe’s lithium beneficiation strategy and the development of Africa’s first lithium sulphate plant, both of which reflect the government’s attempt to retain more value from critical minerals.
Ncube’s figures offer an early sign that lithium is gaining economic weight. They do not yet prove, however, that beneficiation was the principal cause of the revenue increase because the new processing capacity only began making export shipments during the second quarter.
Total lithium production is expected to reach 2.14m tonnes in 2026, slightly below the 2.2m tonnes officially recorded in 2025.
Zimbabwe’s state minerals export agency said the country exported 1.13m tonnes last year. The difference between reported production and exports points to considerable material being held at mine sites, although differences in measurement and product classifications may also affect the comparison.
Releases from those inventories could have supported first-half exports. Recovering prices may also have helped after weak international lithium markets constrained Zimbabwe’s earnings in 2025.
Zimbabwe’s spodumene export revenue was broadly flat last year despite an 11 percent increase in volumes, highlighting the extent to which price movements can affect earnings even when production and shipments rise.
Credit: Africa Briefing
