Zimbabwe’s gold output is projected to rise to 56 tonnes in 2027 as mining companies expand operations and increase investment, with capital expenditure across gold projects expected to grow by more than 12%. Preliminary findings from the Chamber of Mines of Zimbabwe (CoMZ)’s forthcoming State of the Mining Industry Survey point to further production gains, while Fidelity Gold Refinery has also projected an increase in gold deliveries, Mining Zimbabwe can report.
By Ryan Chigoche
Presenting the preliminary outlook at a Fidelity Gold Refinery meeting with key stakeholders on strengthening gold mobilisation and responsible sourcing, Chamber of Mines Zimbabwe (CoMZ) Chief Executive Dr Isaac Kwesu said expansion programmes across several gold operations were expected to underpin the increase.
The Chamber has captured more than 90% of the information required for its 2027 assessment, although the survey is still being finalised.
“In the outlook for next year, 2027, our preliminary findings from the 2027 State of the Mining Industry Survey show that gold output is projected to further increase to around 56 tonnes. Our survey respondents in the gold sector indicated that the increased gold output will be driven by ongoing expansion activity that will feed the national gold output,” Kwesu said.
“We’re also anticipating an increase in capital spending in gold projects. The numbers in terms of dollars spent, I mean, again, we anticipate an increase in excess of 12% in terms of capital outlay,” he added.
The projection follows two years of strong growth in Zimbabwe’s gold industry. Official production increased from 36.48 tonnes in 2024 to 46.7 tonnes in 2025, while the Government has set a 50-tonne target for 2026.
Kwesu, however, put last year’s broader industry output at approximately 50 tonnes, taking into account additional production from smaller operators. He expects output to reach around 53 tonnes this year, setting the base for another increase in 2027.
Much of the anticipated growth is expected to come from expansion programmes at individual mines. Pan African, for instance, is projecting output to increase from 840 kilogrammes to 1,630 kilogrammes next year, a rise of about 94%.
Golden Reef is also targeting a significant increase, with production expected to climb from 134 kilogrammes to 601 kilogrammes.
How Mine’s output is projected to rise from 856 kilogrammes to 955 kilogrammes, while Mutapa Gold’s combined production from its gold-producing operations is expected to increase from 3,718 kilogrammes to 3,800 kilogrammes.
The projections show particularly strong percentage growth at Pan African and Golden Reef, although the expected gains differ considerably in volume. Across the four operations, the additional output would amount to approximately 1.44 tonnes if the projections are achieved.
Delivering those increases will require further investment in mining and processing capacity. The Chamber’s preliminary findings point to capital expenditure across gold projects rising by more than 12% in 2027, as producers continue to fund expansion programmes.
“We’re also anticipating an increase in capital spending in gold projects. The numbers in terms of dollars spent, we anticipate an increase in excess of 12% in terms of capital outlay,” Kwesu said.
The willingness to commit more capital is being supported by the outlook for international gold prices. Although the Chamber expects some moderation next year, it does not anticipate a substantial decline from current elevated levels.
Kwesu said the preliminary assessment put the average gold price above US$4,250 per ounce in 2027.
“Gold’s market conditions will remain bullish, and this is a plus,” he said.
A relatively strong price environment is expected to support production plans, with the Chamber also forecasting improved use of existing mining capacity. Capacity utilisation in the gold industry is projected to reach 96% next year, up from an estimated 91% in 2026.
However, higher prices and increased investment do not remove the operational challenges facing producers. Kwesu identified electricity supply as one of the key downside risks to the outlook, particularly as mines seek to expand production and increase processing activity.
The concern is significant for an industry whose contribution to the economy continues to grow. Kwesu said gold accounted for approximately 44% of Zimbabwe’s national exports in 2025, with its share expected to increase to around 46% this year. It also represented more than half of the country’s mineral exports last year.
The projected increase to 56 tonnes would further strengthen gold’s position in Zimbabwe’s export economy. But whether producers can reach that level will depend not only on their expansion plans and investment commitments, but also on their ability to maintain production in the face of persistent power constraints.
