Zimbabwe, which has 60 known minerals and is Africa's largest lithium producer, may pull the rug from under South Africa's feet as it moves to position itself as an attractive mining destination.
Mining executives from South Africa said this week they expected "fierce competition" from their neighbour up north as the battle for mining supremacy in Southern Africa hots up.
Until now, South Africa - the world's largest platinum producer accounting for 80% of production - has been the global source of other minerals such as gold and diamonds.
But over the past five years it has felt the heat, and has been reeling from company closures, job losses, production slumps, a weak global platinum price and, recently, tougher mining legislation in the third Mining Charter.
Highlighting the dire straits of the mining sector is the R5.17-billion deal announced in December by Sibanye to buy struggling platinum miner Lonmin.
All of these headwinds faced by South Africa's mining industry present an opportunity for Zimbabwe, which can match South Africa's mineral wealth pound for pound in the race to woo foreign investors in search of a new mining paradise.
It has been a busy first quarter for Zimbabwe's new mining minister, Winston Chitando, who has led a charm offensive under the slogan "Zimbabwe is open for business" to attract foreign investors.
Chitando has attended several high-profile events, such as the Mining Indaba in Cape Town, and hosted an inaugural mining conference in Harare last month to highlight Zimbabwe's potential.
"There are massive opportunities in the mining sector ... This massive resource base creates lucrative opportunities for investors in exploration, mining and beneficiation. So we are open for business," said Chitando, a former mining executive at Mimosa.
Mike Teke, CEO of Seriti Resources, said the attractive production numbers coming out of Zimbabwe's platinum miners such as Mimosa, Zimplats and Unki might bring more investment into Zimbabwe.
"We might see some developments there [in Zimbabwe] in terms of the platinum group metals," Teke said.
"We might find ourselves [South Africa] competing with the Mimosas, Zimplatses and Unkis, but it will depend on what the global demand for PGMs is and what will happen. From a production point of view, the competition in Zimbabwe will be fierce."
Since the fall of president Robert Mugabe nearly five months ago, Zimbabwe has been on a concerted drive to reform its image and attract fresh mining investment.
Platinum producers with operations in Zimbabwe, such as Anglo American Platinum and Impala Platinum, slowed production as Zimbabwe's economy sank and access to foreign currency dried up.
The mining sector in Zimbabwe contributes about 13% of GDP and accounts for about 68% of export receipts.
The country's 800 mines have the capacity to earn $18-billion (about R217-billion) annually, but since 2009 have earned just $2-billion annually.
Last month, President Emmerson Mnangagwa scrapped the 51% indigenisation law, the main source of foreign investor anxiety. The law was used for political point-scoring by Mugabe.
But Zimbabwe may have scored an own goal with plans to compel mining companies to list on the Zimbabwe Stock Exchange. The mines and minerals bill that is before parliament stipulates that no mining right shall be granted to a public company unless the majority of its shares are listed on a securities exchange in Zimbabwe.
Isaac Kwesu, chairman of the Zimbabwe Chamber of Mines, expressed concern whether the $8-billion bourse was liquid enough to raise capital for mining firms.
"Our members are not averse to listing on the local bourse, but it has no capacity to meet the needs of the members. Mining is a capital intensive business and some of our larger mines are listed on foreign exchanges, because they are able to raise large amounts for working capital and for investment."
Nevertheless, political change in Zimbabwe with its vast mineral resources has led it to anticipate a boom in the sector.
Tharisa CEO Phoevos Pouroulis signed a $4.2-billion deal last month to develop a platinum mine and refinery in Zimbabwe. The project is expected to take off in July and be completed in 2020.
Setendra Naidoo, a platinum analyst at Capricorn Fund Managers, said there would not be any losses in South Africa because of Zimbabwe investments.
But Zimbabwe will find any attempt to displace South Africa as the leader in the platinum industry a tall order. It has no infrastructure such as refineries, and relies on the raw platinum mined to be processed in South Africa. A refinery costs up to R30-billion and takes two to three years to build.
Naidoo said for a company to build a refinery in Zimbabwe now would not make sense.
"I still think there is enough capacity in the industry not to warrant that. It would be wasteful expenditure. As a mine looking to do that, it's a tough one to get investors to swallow that. No one can do it on their own balance sheet, they would have to raise money."
While Zimbabwe may not readily take over from South Africa in platinum, it is a darling in lithium mining, being the fifth-largest producer in the world and the largest on the continent.
Demand for lithium is expected to soar, buoyed by the rise in electric cars and China's insatiable appetite.
Zimbabwe's lithium production of about 900000 tons annually is set to increase as expansion plans are under way by Bikita Minerals and Prospect Resources...