Platinum
Platinum and PGM ground in Zimbabwe
Platinum group metals are Zimbabwe’s second export earner, and the one commodity where ground almost never changes hands as a claim sale. It changes hands as a partnership.
- PGM matte exports, 2025
- US$1.5bn+71%
- Matte shipped
- 37,194 t
- PGM exports, Q1 2026
- US$544.0m+111.6%
- Forecast, 2026
- US$2bn
Zimbabwe shipped 37,194 t of PGM matte in 2025 for US$1.5bn, up 71%, with 2026 exports forecast at US$2bn.
Zimbabwe shipped 37,194 tonnes of matte in 2025 for US$1.5 billion, up 71% year on year, with 2026 forecast to reach US$2 billion. PGMs were classified as a critical mineral in May 2026.
- Actual
- Forecast
Data as of July 2026. Source: Mining Zimbabwe, 6 Jul 2026
Show the numbers
| Year | US$ bn |
|---|---|
| 2024 (implied from +71%) | ~0.88 |
| 2025 | 1.50 |
| 2026 forecast | 2.00 |
Why PGM ground is different
Platinum on the Great Dyke is a deep, capital-intensive, long-life business. A viable operation means a shaft, a concentrator and a smelter route — hundreds of millions of dollars and a decade of patience. That economics rules out the buyer who purchases a ten-hectare block and starts work next month.
So PGM tenure moves as special grants and exclusive prospecting orders offered for joint venture, not as claims for sale. A holder with prospective Great Dyke acreage is realistically looking for a partner with capital and a processing route, not a cheque.
If you hold Great Dyke ground, price it as an option, not an asset. What a partner is buying is the right to spend money proving it up. Deals are normally structured as earn-ins — a partner funds exploration to a milestone in exchange for a percentage — rather than as a purchase price. Sellers who insist on an outright figure usually wait a long time.
Who is operating
Zimplats is the largest producer, with smelting and a base metal refinery. Unki runs its own smelter. Mimosa tolls through Zimplats. Karo Platinum, which signed a 25-year special mining lease over 23,903 hectares in August 2026 and priced a US$300 million bond in September, is designed to produce about 226,000 ounces of PGMs a year once ramped up, with first ore to the mill expected in the fourth quarter of 2027. Bravura Consortium and Mutapa Platinum Resources hold ground at earlier stages.
- Done
- Planned
- Output, phase one
- 226,000 oz/yr
- Lease area
- 23,903 ha
- Development cost
- US$545m
Source: Mining Zimbabwe, 11 Sep 2026
Show the numbers
| When | What |
|---|---|
| August 2026 | 25-year special mining lease over 23,903 ha signed |
| 11 September 2026 | US$300 million bond priced |
| Q4 2027 | First ore expected |
| Once ramped up | About 226,000 oz of PGMs a year |
The refining question
Zimbabwe exports matte rather than refined metal, and the final value is captured elsewhere — mostly in South Africa. The February 2026 raw mineral export ban and the critical-mineral classification both signal beneficiation intent, but government has stopped short of the ultimatum it gave lithium. There is no deadline for ending matte exports. Zimplats’ revived base metal refinery points toward eventual precious metal refining, but that remains aspirational.
For a ground holder, the practical read: no cliff edge is scheduled, but the policy direction is one way, and a partner with a processing route is worth more than one without.
Data as of June 2026 (H1 2026). Source: MMCZ data via NewZimbabwe, 21 Jul 2026
Show the numbers
| Product | Share | US$ m (approx.) |
|---|---|---|
| PGM matte | 33.9% | 859 |
| Spodumene concentrate | 26.6% | 673 |
| PGM concentrate | 13.7% | 348 |
| Lithium sulphate | 2.9% | 73 |
| All other minerals | 22.9% | 579 |
MMCZ markets every mineral except gold and silver. Its H1 2026 total was US$2.532bn.
- Lithium
- PGMs
- Everything else
Data as of September 2026. Source: MMCZ figures via Mining Zimbabwe, 8 Oct 2026
Show the numbers
| Product | US$ bn | Share |
|---|---|---|
| Lithium (spodumene, petalite, sulphate) | 2.16 | 45.6% |
| Platinum group metals | 1.73 | 36.5% |
| Everything else (remainder) | 0.85 | 17.9% |
| Total | 4.74 | 100% |
| Same period 2025 | 2.35 |
Everything else is the remainder of the published total. Spodumene's average realised value was about US$1,483/t, from US$387/t a year earlier.
What to check on PGM ground specifically
- Position on the Dyke. The Main Sulphide Zone is the target; distance from known mineralisation along strike is the whole conversation.
- Depth to the reef. This sets the capital requirement more than grade does.
- Existing exploration data — drill logs, assays, geophysics. Without it you are offering a map.
- Grant conditions. Special grants and EPOs carry work commitments and expiry dates. Know what you are obliged to spend and by when.
- Proximity to an existing smelter route, which determines who is realistically a partner.
Tenure checks common to all ground are in the guide to buying a mining claim.
Ground on offer
47 lots · Register updated 19 October 2026Zimbabwe Mines connects buyers and sellers directly and takes no part in deals. Many lots are listed by agents. Verify any lot in person at the provincial office before money moves.
Every lot carries a label showing how far its paperwork has been checked — from “check/verify in person at the provincial office”, through documents seen, to certificate seen. The documents themselves are held by the seller and are never published here: ask the seller for them and verify them in person at the provincial mining office. No label is a warranty: confirm title with the Provincial Mining Director before any money moves.
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No PGM ground published yet
Great Dyke acreage is being taken on now, mostly as special grants and EPOs offered for joint venture rather than outright sale. Lots are listed as sellers describe them — the most reliable checks are done in person at the Provincial Mining Director’s office.
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