By: African mining

SM: What was the objective of the Zimbabwe Country Focus Seminar held at Mazars this year?

LK: The seminar was created as a platform to showcase investment opportunities in Zimbabwe, to highlight various investment avenues in Zimbabwe – particularly in sectors like mining, infrastructure, agriculture, tourism, and ICT – and to build investor confidence in the Zimbabwean economy. The seminar has facilitated connections between Zimbabwean businesspeople and potential investors from South Africa, promoting collaboration and investment opportunities. Ultimately fostering understanding and cooperation, the seminar has served as a platform for knowledge exchange between Zimbabwean and South African businesses.

SM: What commodities are trending in the short and long term in Zimbabwe?

LK: Key commodities in Zimbabwe include gold, oil and gas (energy) and agricultural products like tobacco, cotton and sugar. Gold prices are expected to continue trending upwards, potentially reaching all-time highs this year, driven by global demand. This bodes well for Zimbabwe as the country is estimated to have around 13 million tons of gold reserves, making it one of the world’s largest gold producers. Over the past year, gold prices have seen a significant increase from USD2 331.45 a year ago to USD3 217 representing a 38,01% increase. (At the time of writing in June 2025)

Meanwhile, oil and gas prices are projected to increase due to global factors like conflict in the Middle East, impacting energy security in Zimbabwe. Zimbabwe is currently exploring for oil and gas in the Cabora Bassa Basin.

The Chamber of Mines of Zimbabwe anticipates palladium prices to rise due to supply constraints from Russia, while platinum has also experienced some upward movement, particularly recently (as at the time of writing in early June). Platinum is expected to continue to trend upwards. Trading Economics reports that platinum prices have increased by 4.48% in the past year. Zimbabwe’s metal sector, including platinum and other metals, will likely continue to be a significant source of export earnings, with potential for increased global demand and investment.

SM: Can you please supply our readers with a short summary of the current regulatory framework applicable to the mining sector in Zimbabwe?

LK: The mining sector is crucial to Zimbabwe’s economy and is heavily regulated by a comprehensive legal framework. The Mines and Minerals Act (CAP 21:07) establishes the legal guidelines for mining activities (including the processes for prospecting, acquiring and registering mining rights) along with the formation of the Mining Affairs Board.

Additionally, the Environmental Management Authority (EMA) oversees environmental protection and resource sustainability, requiring miners to conduct environmental impact assessments and obtain necessary certifications before starting any mining operations. The Forest Act, Water Act, and other statutory provisions ensure environmental and natural resource protection. Regulations also facilitate the collection of taxes and royalties, managed under the Finance Act and the Income Tax Act.

For trade and investment, various laws – including the Minerals Marketing Corporation of Zimbabwe Act, Gold Trade Act, Copper Control Act, Precious Stones Trade Act, the Exchange Control Act, the Base Minerals Export Control Act and others – regulate the marketing and trading of mining proceeds.

In summary, Zimbabwe’s mining sector operates under a robust framework of Acts and regulations that support its management and economic contribution. Forvis Mazars offers guidance to our clients tailored to their specific requirements on this score.

SM: What are the latest developments in the regulatory environment that encourage investment, are there any expected revisions in this area going forward?

LK: In 2024, the government issued a directive that replaced Exclusive Prospecting Orders (EPO) with Exclusive Exploration Licences (EPL), which would only be issued to deserving entities with a demonstrable history of exploration. The renewal of the existing EPOs will also be subject to the presentation of evidence of exploration work done under the existing EPO. The Minister of Mines and Mining Development confirmed the expected revision of the Mines and Minerals Act, particularly to address the regulation of strategic minerals, environmental degradation and protection of local communities. The Zimbabwe Finance Act Number 13 of 2023, effective from 1 January 2024, entails a 20% levy on the sale of the mining title, including transactions from the past 10 years.

SM: In your opinion, what are the current trends in opportunities for those wanting to enter the mining sector in Zimbabwe?

LK: Zimbabwe’s mining sector is highly diversified, with close to 40 different minerals. The predominant minerals include platinum group metals (PGM), chrome, gold, coal, lithium and diamonds. The country boasts the second-largest platinum deposit and high-grade chromium ores in the world, with approximately 2.8 billion tons of PGM and 10 billion tons of chromium ore. Herein lie the huge opportunities for investment.

Opportunities also lie in direct investment in mining and the provision of heavy underground mining machinery and other supplies, as well as transportation infrastructure and materials, including railways, and bespoke power generation alternatives. The government’s interest in mineral beneficiation also presents opportunities downsteam .

SM: Could you supply our readers with some tips for registering a business in the mining sector in Zimbabwe?

LK: The registration process for mining rights and mining businesses in Zimbabwe is well-structured and should be approached methodically. A key recommendation is to understand the regulatory procedures step by step and to engage with local experts for guidance.

Prospective miners should reach out to the Zimbabwe Investment Development Agency (ZIDA). ZIDA has a one stop shop for prospective investors and is ready to assist prospective investors through the whole investment process.

SM: Based on your many years of hands-on experience in the country, please highlight some of the challenges that investors may face, and how Forvis Mazars approaches these with their clients. How do businesses overcome the infrastructure issues on the ground?

LK: Lack of reliable infrastructure, such as power and transportation, can hinder business operations and increase cost. Businesses should anticipate potential infrastructure challenges and plan accordingly, potentially by investing in their own power generation or developing alternative supply chains. Businesses can also seek government support for infrastructure development projects and initiatives. Econbiz reports that Zimbabwe has an infrastructure gap of USD0.6-billion annually. Forvis Mazars helps clients develop comprehensive business plans that address potential risks and opportunities, performing risk assessments and mitigation strategies to help clients minimise potential losses. We provide real time market information so that decisions can be tailored to the situation.

SM: Do you have some advice you could share with investors when applying for mining rights in the country?

LK: Investors interested in mineral rights typically apply for them through the Mining Commissioner, after obtaining a Prospecting license. ZIDA also plays a role in facilitating investments, including onboarding, and providing aftercare to both domestic and foreign investors. Investors can also connect with mining claim holders via the ZIDA Mining Claims Matchmaking Platform.

SM: On a personal note, why is Zimbabwe your location of choice? If you could sum up Zimbabwe, what would you say?

LK: A difficult question, but for me Zimbabwe is a land of endless opportunities due to its rich natural resources, diverse wildlife and numerous tourist attractions. It boasts a variety of landscapes, including the iconic Victoria Falls, Hwange National Park and Mana Pools, offering opportunities for adventure outside of work and business.