ZIMBABWE’S gold beneficiation drive is gaining momentum, with Fidelity Gold Refinery positioning itself as a catalyst for transforming the country’s gold sector from a raw mineral exporter to a competitive regional precious metals manufacturing hub, Mining Zimbabwe can report.
By Rudairo Mapuranga
Fidelity General Manager Peter Magaramombe told delegates at the Mine Entra Beneficiation and Value Addition Symposium that the refinery has taken significant strides in ensuring Zimbabwe exports value rather than raw mineral wealth.
“All gold that is delivered to the national gold refinery is refined from a minimum of 99.5% to a maximum of 99.99% purity, meeting internationally recognised standards,” Magaramombe said.
Integration with Jewellery Manufacturing
Magaramombe announced that, from August 2026, Fidelity will actively participate in jewellery manufacturing through its value addition division, OREX Private Limited, which serves as its jewellery manufacturing arm.
“This integration connects refining directly with downstream manufacturing, enabling the production of both handmade and machine-made jewellery,” he said, emphasising that the company’s success would now be measured “not only by gold refined but by jewellery produced, local jobs supported, domestic sales and value-added exports.”
Key highlights of the OREX facility include the capacity to export up to 3 tonnes of gold jewellery annually, with a monthly manufacturing capacity of approximately 140 kilogrammes.
Silver for Local Jewellers
In a move designed to strengthen Zimbabwe’s domestic jewellery value chain, Magaramombe revealed that silver recovered during the gold refining process is reserved for the local market.
“Silver recovered during the gold refining process is reserved for the local market, supporting local jewellers and strengthening Zimbabwe’s domestic jewellery value chain,” he said.
Formalisation and Enforcement
The Fidelity boss also highlighted the company’s ongoing efforts to formalise the artisanal and small-scale mining sector, which accounts for over 70% of gold deliveries.
“We need to formalise the artisanal and small-scale miners so that every day we know exactly where we are, where the gold is coming from and where it is going,” Magaramombe has previously stated.
To combat gold smuggling—which authorities estimate costs Zimbabwe close to US$2 billion annually—Fidelity launched the Gold Trade Enforcement Unit in 2025, comprising Fidelity staff and Zimbabwe Republic Police officers.
US$5.85 Billion Gold Export Target
Fidelity has revised its annual gold delivery forecast, expecting 45 tonnes by the end of 2025, translating to gold exports worth approximately US$5.85 billion at current prices of US$4,051.61 per ounce.
Looking ahead, the company projects deliveries of 50 tonnes in 2026, representing an 11% increase over the 45 tonnes expected in 2025, assuming an average gold price of US$4,600 per ounce.
“The future of our gold sector will be defined not by the ounces we mine, but by the value we create from them. Every ounce of gold should generate jobs, investment, industrial growth, exports and lasting prosperity for our people,” Magaramombe said.
