• COUNTRY IN FOCUS
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ZIMBABWE IN FOCUS
By Sharyn Macnamara
Lovemore Kamuzangaza( LK), managing partner, Forvis Mazars in Zimbabwe talks to Sharyn Macnamara( SM) about the opportunities in the Zimbabwean mining sector for investors in Africa. He offers insights from over 20 years of experience in this environment as well as highlights discussed at the recently held Zimbabwe Country Focus Seminar.
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,
12 • African Mining • August 2025 www. africanmining. co. za