Artisanal deliveries climb to 2,740 kg, up 7.4% year-on-year, as large-scale output holds steady. The first five months of 2026 reach 16.59 tonnes, keeping the 50-tonne national target firmly on track.
Gold deliveries to Fidelity Gold Refinery (FGR) recorded their strongest monthly performance so far this year in May 2026, driven by a sharp rebound in artisanal and small-scale mining (ASM) output, Mining Zimbabwe can report.
By Rudairo Mapuranga
Total deliveries for the month reached 3,951.0136 kg, an 18.8% increase from April 2026’s 3,324.5926 kg and an 11.5% rise compared to May 2025’s 3,542.1734 kg, according to official FGR statistics obtained by this publication.
The ASM sector, which contributes roughly three-quarters of national gold production, led the charge. ASM deliveries in May 2026 stood at 2,740.7582 kg, up 29.9% from April’s 2,110.6550 kg and 7.4% higher than May 2025’s 2,552.0986 kg. The month-on-month surge is the largest recorded since the formalisation drive accelerated in late 2025, signalling that policy interventions and improved access to buying centres are beginning to bear fruit.
Large-scale miners delivered 1,210.2554 kg in May, virtually unchanged from April’s 1,213.9376 kg—a negligible 0.3% decline month-on-month. However, compared to May 2025’s 990.0748 kg, large-scale output jumped 22.2%, reflecting the steady recovery of capitalised mines following years of underinvestment.
First Five Months: 2026 Extends Lead Over 2025
Cumulative deliveries for the first five months of 2026 now stand at 16,587.5302 kg, compared to 16,013.8013 kg in the same period of 2025, representing a 3.6% increase. The widening margin is encouraging, especially given that April 2026 had briefly trailed April 2025 on a year-on-year basis. May’s strong performance has reversed that temporary softness.
At this pace, Zimbabwe has already delivered over 16.5 tonnes of gold in the first five months, leaving 33.5 tonnes to reach the ambitious 50-tonne annual target. Historical production patterns show that the second and third quarters (May through September) are typically the strongest, as drier weather and post-harvest labour availability boost ASM activity.
50-Tonne Target: Within Striking Distance
To achieve 50 tonnes by year-end, Zimbabwe needs average monthly deliveries of approximately 4,180 kg for the remaining seven months (June–December). May’s 3,951 kg fell just 5.5% short of that required average—a gap that is well within seasonal norms. 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 under Namib Minerals, expanded ASM formalisation at Elvington and Amaveni, and the full rollout of FGR’s digital Gold Card system, surpassing 4,200 kg per month in the second half of 2026 is entirely plausible.
FGR’s own projections remain optimistic, citing the Gold Development Initiative Fund (GDIF) and the recently established Gold Trade Enforcement Unit (GTEU) as key levers to reduce leakage to parallel markets. Every kilogram recovered from informal channels directly boosts official delivery figures.
The 29.9% month-on-month jump in ASM deliveries is the clearest evidence yet that the formalisation drive is shifting from disruption to delivery. April’s year-on-year decline of 27.9% had raised concerns, but May’s 7.4% year-on-year growth suggests that the registration backlog and compliance adjustments are behind the sector.
The digital Gold Card system, now being rolled out across all mining provinces, has registered thousands of artisanal miners, granting them access to formal financing, equipment, and technical support.
Zimbabwe Miners Federation (ZMF) President Henrietta Rushwaya described May’s performance as “a turning point,” adding that “the ASM sector has proven its resilience and its capacity to grow within a formal framework. The 50-tonne target is no longer an aspiration—it is a realistic operational goal.”
While ASM grabbed the headlines, large-scale mining delivered a solid, if unspectacular, performance. May’s 1,210.2554 kg was essentially flat month-on-month but represented a 22.2% year-on-year increase, the sixth consecutive month of double-digit annual growth for the segment.
