Zimbabwe platinum producers owed $228 million in unpaid export earnings

Zimbabwe’s government owes platinum miners $228 million in unpaid export income under its foreign currency retention system, exerting pressure on a sector recovering from a price collapse, an industry executive said on Friday.

The southern African country requires all exporters to convert 30% of their proceeds into local currency via government channels, but the government is frequently behind in paying out the local currency to exporters.

Zimbabwe, the world’s third largest producer of platinum group metals after neighbour South Africa and Russia, says it needs the foreign currency to fund capital projects, vital imports and repay foreign loans.

Platinum Producers’ Association chairman Alex Mhembere told a mining conference that the payment delays were compounding problems for firms that have also been battling high costs and erratic electricity supply.

The industry was pleading with the government for faster payments, Mhembere said.

“These engagements have not resulted in significant change to the situation, with latest statistics showing that PGM producers are owed more than $228 million as of May 2026,” he said.

The finance ministry has confirmed owing the miners, saying the government was facing revenue constraints.

Second most valuable mineral export

In February, Valterra Platinum said it was owed $100 million in 2025 export proceeds by Zimbabwe’s government from its Unki operations in the country.

Impala Platinum, which owns Zimbabwe’s biggest platinum miner Zimplats, has also said the government owes it $78 million.

Platinum producers in Zimbabwe owned by South African miners including Sibanye Stillwater earned a combined $1.8 billion export revenue in 2025.

Platinum group metals, used to make catalytic converters that curb vehicle emissions, are Zimbabwe’s second most valuable mineral export behind gold.

Gold producers also complain about Zimbabwe’s foreign currency retention rule, which they say eats into their income when part of their export proceeds are converted into an overvalued local currency.

(By Chris Takudzwa Muronzi; Editing by Nelson Banya and Jan Harvey)