By Ryan Chigoche
The Government of Zimbabwe has hailed artisanal and small-scale miners (ASM) as the country’s new heroes, recognizing their critical role in strengthening the local economy. These miners are expected to help Zimbabwe reach 50 tonnes of gold per year in the near future—a major milestone for the sector and a significant boost for an economy highly dependent on mining.
Christopher Mutsvangwa shared this optimistic outlook, emphasizing how the ASM sector’s contributions are helping to support the Zimbabwe dollar, which is increasingly backed by gold. This has provided much-needed financial stability for the country.
Thanks to the surge in gold production, the Zimbabwe dollar has maintained a more stable exchange rate against the US dollar. While some experts have raised concerns that this stability could be artificial due to tight liquidity, the strong performance of the gold sector—underpinned by gold reserves—has been the main factor keeping the currency steady.
As the country battles to preserve its local currency, Mutsvangwa said at a recent press conference that Zimbabwe’s artisanal and small-scale miners have emerged as a crucial factor in the nation’s financial stability, calling them “the new heroes of the economy.”
“In terms of currency, the strengthening we’ve seen is significant, and a key factor in this is how our artisanal and small-scale miners have stepped up in the gold sector, making substantial contributions to the economy. We’re now seeing consistent deliveries of around 4 tonnes per month, and at this rate, Zimbabwe is on track to reach 50 tonnes of gold per year. These miners are the new heroes of Zimbabwe.”
“Gold remains the backbone of our economy, and in the current global geopolitical climate, it has become a reliable safe-haven asset. I’m sure the RBZ Governor is pleased—not only are gold volumes rising, but he’s also managed to double the value of the country’s reserves. Zimbabwe is riding the wave of surging gold prices, which have more than doubled per ounce. So while our gold output is increasing in quantity, it’s also soaring in value—thanks largely to the efforts of the ASM sector,” Mutsvangwa added.
Mutsvangwa’s statement comes as the latest figures from Fidelity Gold Refinery highlight the sector’s growth. Small-scale miners produced 8,696.97 kg of gold in April 2025, a remarkable 111.1% increase from the 4,120.01 kg produced during the same period last year.
Looking at month-to-month growth, April 2025 saw a 38.3% increase in total production, rising by 1,069.77 kg from March’s 7,627.20 kg. Small-scale miners continued to lead, delivering 2,926.11 kg in April, up from 1,864.99 kg in March—a 56.9% rise. When comparing April 2025 to the same month last year, small-scale miners saw a dramatic 140.3% increase, up from 1,218.20 kg.
April 2025 also saw unprecedented volatility in gold prices. After hitting an all-time high of US$3,500 per ounce, prices fell sharply due to factors such as proposed tariffs and geopolitical tensions.
Despite this volatility, the price of gold has surged by 57% since 2020, creating higher profit margins for mining companies. Recently, however, prices have faced some pressure, correcting from recent highs of US$3,435 per ounce amid renewed optimism over US-China trade talks and profit-taking ahead of US Federal Reserve policy announcements.
This surge in both production and prices comes at a critical time for Zimbabwe, which has faced significant economic challenges related to the local currency.
Experts agree that the ASM sector will remain a key player in Zimbabwe’s financial stability.
As Zimbabwe continues to ride the wave of rising gold prices, the growing contributions of ASM miners will be essential to securing the country’s economic future.
