Zimbabwe Just Bet $1.6 Billion to Turn Minerals Into Jobs

Zimbabwe approved investment projects worth $1.59 billion in the second quarter of 2026, with mining and manufacturing accounting for about 80% of the proposed capital as the government seeks to attract investment and increase local processing of its mineral resources.

The Zimbabwe Investment and Development Agency (ZIDA) issued 284 new investment licences in the three months to June, according to figures from the agency.

Mining was the largest recipient, with 86 approved projects valued at $768.5 million, while 43 manufacturing projects accounted for $496.7 million.

Together, the two sectors attracted about $1.27 billion, or nearly 80% of the total investment pipeline.

The figures highlight the importance of mining to Zimbabwe’s efforts to attract foreign capital and support an economy that has faced years of currency instability, limited access to international financing and weak investor confidence.

Zimbabwe has significant reserves of gold, platinum-group metals, lithium and chrome, minerals that are increasingly in demand for batteries, clean-energy technologies and other industrial applications.

The government is seeking to capture more value from those resources by encouraging companies to process minerals domestically rather than exporting raw or minimally processed material.

Mineral export receipts reached about $2.53 billion in the first half of 2026, with platinum-group metal matte and spodumene concentrates among the largest contributors, according to the report. Lithium sulphate, a higher-value processed product, generated about $73.2 million during the period.

The increase in manufacturing investment could support the government’s beneficiation strategy by encouraging domestic processing of lithium, platinum and other minerals.

Manufacturing projects approved during the quarter averaged about $11.6 million each, compared with roughly $8.9 million for mining projects, according to an analysis by research firm Equity Axis.

The investment figures come against an improving economic outlook. The International Monetary Fund said in July that Zimbabwe’s economy grew 8.3% in 2025 and forecast growth of about 5% in 2026, supported by agriculture, mining and higher gold prices.

The IMF also said inflation had remained relatively contained amid tight monetary policy and greater exchange-rate stability.

However, the $1.59 billion figure represents the projected value of approved projects and does not necessarily mean that the capital has already been invested in the economy.

ZIDA generated 38 qualified investment leads during the second quarter, facilitated 15 tripartite meetings and secured eight investor commitments, according to the report.

Investment commitments associated with the agency’s activities totalled about $417.8 million, substantially below the value of projects approved during the quarter.

ZIDA Chief Executive Tafadzwa Chinamo said the agency was shifting its focus from the number of investment licences issued towards ensuring projects are implemented and generate economic benefits.

The agency plans to focus during the second half of 2026 on investments in productive industries, investor aftercare, special economic zones and public-private partnerships, while seeking to move approved projects into implementation.

Zimbabwe’s investment pipeline underscores the continued importance of its mineral wealth to attracting capital, while the growing manufacturing component reflects the government’s effort to process more of those resources domestically and retain a greater share of their value.

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