- Artisanal deliveries reached 2,110 kg in April from 1,748 kg in March, offsetting a softer year-on-year comparison. The first four months of 2026 are tracking ahead of 2025, keeping the 50-tonne annual target firmly within reach.
Gold deliveries to Fidelity Gold Refinery (FGR) rebounded strongly in April 2026, driven by a sharp recovery in artisanal and small-scale mining (ASM) output. Total deliveries for the month reached 3,324.5926 kg, up 16.5% from March 2026’s 2,854.0030 kg, according to official FGR statistics obtained by Mining Zimbabwe.
By Rudairo Mapuranga
The ASM sector, which now accounts for roughly 75% of national gold output, led the resurgence. ASM deliveries in April 2026 stood at 2,110.6550 kg, a 20.7% increase from March 2026’s 1,748.6953 kg. Large-scale miners also recorded gains, delivering 1,213.9376 kg in April, up 9.8% from 1,105.3077 kg in March.
The month-on-month recovery is particularly significant following a subdued March, which industry sources attributed to temporary policy uncertainty and the lingering effects of a wet season that had constrained access to some alluvial and shallow mining areas.
While the month-on-month performance is encouraging, year-on-year comparisons show a slight decline. Total April 2025 deliveries were 3,542.1734 kg, meaning April 2026’s total of 3,324.5926 kg represents a 6.1% decrease from the same month last year.
The decline is entirely attributable to the ASM segment. ASM deliveries in April 2025 were 2,926.1086 kg, compared to 2,110.6550 kg in April 2026, a 27.9% drop. Large-scale miners, however, improved year on year, delivering 1,213.9376 kg in April 2026 versus 990.0748 kg in April 2025, a 22.6% increase.
The contrasting trajectories reflect two ongoing structural trends: large-scale production is steadily recovering following years of underinvestment, while ASM output is becoming more volatile as formalisation efforts and enforcement against smuggling create temporary disruptions before a more stable, fully documented production base emerges.
First Four Months: 2026 Edges Ahead of 2025
Crucially, the cumulative performance for the first four months of 2026 remains ahead of the same period in 2025, keeping Zimbabwe’s ambitious 50-tonne annual target well within reach.
The 2026 cumulative figure of 12,636.5166 kg represents a 1.3% increase over 2025’s 12,471.6279 kg for the same four-month period. While modest, this margin is expected to widen as new ASM formalisation programmes, expanded buying centres, and the reopening of large-scale mines gain momentum through the drier winter months, when mining activity typically accelerates.
50-Tonne Target Within Reach
Zimbabwe’s gold sector delivered a record 46.7 tonnes in 2025. For 2026, FGR and the government have set a target of 50 tonnes, a 7% increase. The first four months’ performance suggests this target is achievable, though execution will need to tighten.
A simple annualisation of the January to April 2026 run rate (12,636.5 kg × 3) yields 37.9 tonnes, which would fall short of 50 tonnes. However, historical production patterns show that the second and third quarters, May through September, consistently deliver higher volumes than the first four months, as drier conditions and post-harvest labour availability boost ASM activity.
To reach 50 tonnes, Zimbabwe needs average monthly deliveries of approximately 4,167 kg for the remaining eight months of 2026 (May–December). That is 25% higher than April’s 3,325 kg, but well within historical peak performance levels. In 2025, monthly deliveries exceeded 4,000 kg in July (4,067 kg), August (4,134 kg), and September (4,254 kg). With new capacity coming online, including the phased reopening of Mazowe and Redwing mines under Namib Minerals, and expanded ASM formalisation at Elvington and Amaveni, surpassing 4,000 kg per month in the second half of 2026 is entirely plausible.
FGR’s own projections, based on mine-level production schedules and ASM registration data, remain optimistic. The Gold Development Initiative Fund (GDIF) and the newly established Gold Trade Enforcement Unit (GTEU) are also expected to reduce leakage to parallel markets, further boosting official deliveries.
ASM Formalisation: Short-Term Pain, Long-Term Gain
The 27.9% year-on-year decline in April ASM deliveries should be interpreted with caution. It does not necessarily mean less gold is being mined; rather, it may reflect a temporary contraction in officially delivered gold as enforcement against smuggling intensifies and as the digital Gold Card registration system rolls out.
Zimbabwe Miners Federation President Henrietta Rushwaya has consistently argued that formalisation creates a short-term dip in reported output as previously informal miners adjust to new compliance requirements, before a sustained increase as financing, equipment, and technical support reach registered operators.
The 20.7% month-on-month ASM rebound from March to April supports this interpretation. March’s low of 1,748 kg appears to have been an anomaly, and April’s 2,110 kg, while still below April 2025, shows the sector’s underlying resilience.
Large-Scale Mining: The Quiet Recovery
While ASM dominates headlines, large-scale mining is quietly rebuilding. April 2026’s 1,213.9 kg from large-scale operators was the highest monthly figure since at least early 2025, and the 22.6% year-on-year increase confirms that capital investment is translating into output.
Key contributors include:
- Mutapa Gold’s Freda Rebecca mine, which achieved a record 240 kg in March and is on track for similar or better performance in subsequent months.
- RioZim’s Renco Mine is back online and contributing consistently following its successful capital restructuring.
- Caledonia Mining Corporation’s Blanket Mine, which, despite below-guidance Q1 output due to policy headwinds, remains a steady producer, with expansion plans at Bilboes progressing.
As Namib Minerals brings Mazowe and Redwing back into production, a process expected to accelerate through the second half of 2026, large-scale output could reach 1,500–1,800 kg per month by year-end.
Outlook: Second Half Acceleration
The gold sector’s performance in April 2026 sends a clear signal: the production boom is intact. Month-on-month growth of 16.5% in total deliveries and 20.7% in ASM deliveries demonstrates that March’s softness was temporary, not structural.
With 12.64 tonnes already delivered in the first four months, slightly ahead of last year’s record pace, and with the dry season, expanded formalisation, and new large-scale capacity all pointing to a stronger second half, the 50-tonne target for 2026 remains firmly within reach.
For context, the remaining eight months of 2026 would need to deliver 37.36 tonnes to hit 50 tonnes. That is an average of 4,670 kg per month, a significant lift from April’s 3,325 kg, but one that has been achieved before. In the final four months of 2025 (September–December), Zimbabwe averaged 4,350 kg per month. A modest 7% improvement on that already achieved run rate would deliver the target.
The margin for error is narrow, but the direction of travel is clear: gold production is rising, formalisation is deepening, and investment is flowing. Zimbabwe’s gold dominance is not a mirage; it is being built, month by month, kilogram by kilogram.
