Mining boom triggers power crunch warning for 2030

Electricity consumption across Zimbabwe’s national power network will climb from 2,200 megawatts to 5,000 megawatts by decade’s end as mineral extraction operations expand their requirements, according to analysis from IH Securities. The brokerage firm’s third-quarter equity assessment noted that mining development under the government’s first National Development Strategy accelerated between 2020 and 2025, with policies emphasizing exploration investment, processing improvements and support for smaller operators.

The nation possesses deposits of more than 40 mineral varieties, led by platinum group metals, chromium, gold, coal, lithium and diamonds. Resource extraction generates approximately 12 percent of economic output and supplies 80 percent of export revenues. Finance ministry data shows the sector’s share of gross domestic product rose from a historical 12.8 percent average to 14.5 percent. Gold shipments to Fidelity Gold Refiners through September reached 32.98 tons, representing a 37 percent increase, while export values jumped 98.7 percent to $3.2 billion.

Production of palladium decreased 9 percent during the first half of 2025 amid reduced automotive demand, while platinum output fell 7 percent. Nickel and copper extraction dropped 21 percent and 25 percent, respectively. IH Securities projects overall sector growth at 2.9 percent for the current period before accelerating to 5.5 percent in 2026.