VICTORIA FALLS, Zimbabwe – Zimbabwe’s authorities owes platinum miners $228-million in unpaid export earnings below its overseas foreign money retention system, exerting strain on a sector recovering from a value collapse, an trade government stated on Friday.
The southern African nation requires all exporters to transform 30% of their proceeds into native foreign money by way of authorities channels, however the authorities is incessantly behind in paying out the native foreign money to exporters.
Zimbabwe, the world’s third largest producer of platinum group metals after neighbour South Africa and Russia, says it wants the overseas foreign money to fund capital initiatives, very important imports and repay overseas loans.
Platinum Producers’ Affiliation chairman Alex Mhembere advised a mining convention that the cost delays have been compounding issues for corporations which have additionally been battling excessive prices and erratic electrical energy provide.
The trade was pleading with the federal government for sooner funds, Mhembere stated.
“These engagements haven’t resulted in vital change to the state of affairs, with newest statistics exhibiting that PGM producers are owed greater than $228-million as of Could 2026,” he stated.
The finance ministry has confirmed owing the miners, saying the federal government was dealing with income constraints.
ZIMBABWE’S SECOND MOST VALUABLE MINERAL EXPORT
In February, Valterra Platinum stated it was owed $100-million in 2025 export proceeds by Zimbabwe’s authorities from its Unki operations within the nation.
Impala Platinum, which owns Zimbabwe’s largest platinum miner Zimplats, has additionally stated the federal government owes it $78-million.
Platinum producers in Zimbabwe owned by South African miners together with Sibanye-Stillwater earned a mixed $1.8-billion export income in 2025.
Platinum group metals, used to make catalytic converters that curb car emissions, are Zimbabwe’s second Most worthy mineral export behind gold.
Gold producers additionally complain about Zimbabwe’s overseas foreign money retention rule, which they are saying eats into their earnings when a part of their export proceeds are transformed into an overvalued native foreign money.
