• Zimbabwe achieved its first silver export of 2025 at a record $64.21 million, surpassing prior 2024 shipments (US$168,375 in February, US$919,933 in June, and US$471,197 in November)
• Silver, averaging 3 metric tons annually from 2002–2021 (2 tons in 2021), is primarily extracted as a secondary mineral from gold, copper, PGM, and lead-zinc operations
• Amid a 51% YoY surge to $49.10/oz in October 2025, Zimbabwe's investments could drive exports to $100M annually

Harare- Zimbabwe has started the export of silver for the first time in 2025, after only registering three episodes of such in 2024.  

The country’s first time to export silver was in February 2024 worth US$168 375 followed by US$919 933 in June then US$471 197 in November 2024. 

The latest US$64 210 million is the record high which eclipse past exports and the first such in 2025 and historically to edge 100 million in USD silver exports. 

This milestone reflects a pivotal shift in Zimbabwe's mining sector, where silver, long overshadowed by dominant commodities like gold and platinum has begun to carve out a niche in the nation's export portfolio.

Historically, Zimbabwe's silver production has remained modest, averaging around 3 metric tons annually from 2002 to 2021, with the latest recorded output holding steady at 2 metric tons in 2021.

This low baseline reflects silver's status as a byproduct rather than a primary target, extracted alongside more lucrative minerals .

Yet, the surge in export values from sporadic low-six-figure shipments in 2024 to a landmark $64.21 million in early 2025 signals not just opportunistic sales but a nascent strategy to leverage global silver demand.

As Zimbabwe's overall mineral exports dominated by gold, which hit $3.1 billion in the first nine months of 2025 continue to buoy the economy, silver's emergence could diversify revenue streams, potentially stabilizing the Zimbabwe Gold (ZiG) currency and funding infrastructure amid a projected GDP rebound to 6.6% in 2025.

With total mineral exports reaching approximately over 5 billion in the first three quarters of 2025 driven by key commodities like gold at $3.1 billion (platinum group metals matte at lithium, nickel mattes, diamonds estimated, and coal/coke , silver's $64.21 million contribution represents about 2.6% of the period's total, enhancing value addition from byproduct recovery in gold, PGM, and nickel operations without displacing primary outputs, while bolstering forex reserves by an incremental 3–4% if scaled to $100 million annually amid Africa's broader mineral boom.

Silver in Zimbabwe is predominantly a secondary mineral, unearthed as a byproduct of mining operations focused on gold, copper, platinum group metals (PGMs), and lead-zinc deposits, rather than dedicated silver veins. The country's geology, part of the ancient Zimbabwe Craton, hosts silver in native form or alloyed with these primary ores, often in low concentrations that make standalone extraction uneconomical.

Key production hotspots cluster in mineral-rich belts: the Odzi greenstone belt in Manicaland Province yields some of the highest silver-to-gold ratios, while Mashonaland West's Mhangura Copper Mine traces silver at averages of 18 grams per ton alongside copper mineralisation in sheared zones and veinlets. Further north, the Bindura area's Freda Rebecca Gold Mine, a major player in gold and silver output, processes ores from underground shafts in the same province.

In the Great Dyke, a 550-kilometre mafic-ultramafic intrusion that ranks as the world's second-largest PGM reserve, silver emerges incidentally from platinum and nickel refining at sites like Zimplats' Ngezi operations. Smaller contributions come from copper-gold mines in Mashonaland Central and East, with over 245 USGS-recorded silver prospects scattered across these regions.

Artisanal and small-scale miners, who dominate Zimbabwe's gold sector, likely amplify silver yields informally, though data gaps persist due to smuggling and underreporting.

The production process in Zimbabwe mirrors global byproduct norms but is constrained by local realities of intermittent power from the Kariba Dam and high operational costs.

As of October 2025, the global silver market is ablase with bullish momentum, trading at approximately $49.10 per troy ounce, a 51% year-over-year surge that has outpaced even gold's rally. This uptrend, accelerating from $38.73 in August to a peak of $54.46 in mid-October, stems from a confluence of factors like  persistent supply deficits projected at 206 million ounces for 2025 by HSBC, fuelled by modest mine growth (up just 0.9% to 819.7 million ounces in 2024) and recycling highs of 193.9 million ounces.

Industrial demand, silver's lifeblood at over 50% of total consumption, has rebounded with photovoltaic solar installations eyeing 500 GW annually, electronics capex, and EV battery needs, pushing fabrication to 208.7 million ounces in jewellery alone. Investment flows amplify this: ETF inflows and central bank diversification amid U.S. fiscal pressures and a weakening dollar have created physical tightness, with COMEX stocks swelling to 530 million ounces while London vaults strain.

Geopolitical risks, escalating U.S.-China trade frictions and Middle East tensions further stoke safe-haven bids, though volatility persists, as evidenced by a 6.3% single-day gold-linked dip in late October.

For Zimbabwe, this environment is fortuitous; its $64.21 million shipment timed perfectly with spot highs, capturing premiums that eclipse 2024's modest hauls and hinting at untapped export potential amid Africa's average 37 metric tons continental output.

Looking ahead, silver's trajectory through 2026 and 2027 appears primed for sustained gains, with consensus forecasts clustering at $50–$65 per ounce by mid-2026, potentially testing all-time highs near $88 before 2028.

Analysts like Bank of America eye $65 on narrowing real yields and ETF strength, while UBS and WisdomTree peg mid-$50s, citing deficits narrowing to 126 million ounces in 2026 but industrial recovery in solar and electronics offsetting any jewellery slowdowns.

LongForecast envisions $75.60 by end-2026 and $84.70 in 2027, driven by summer peaks, though pullbacks to $35–$40 could materialize if Fed rate debates tighten liquidity. Bullish wildcards include green energy shocks as solar demand alone could hit 230 million ounces by 2026, and cumulative deficits pushing toward $100 by 2030 in optimistic scenarios from Investing News Network.

Bearish risks loom: a stronger dollar or Chinese supply surges might cap at $40–$45, per HSBC's tempered $33.96–$31.79 outlook.

For Zimbabwe, this bodes well. With planned mining investments exceeding $600 million in 2025, enhanced byproduct recovery could propel silver exports toward $100 million annually, fostering economic resilience if global trends hold. Yet, domestic hurdles like power reliability and beneficiation mandates will test whether this white metal truly eclipses its shadowy past.

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