A new billion-dollar gold mine is taking shape in Matabeleland North, adding momentum to Zimbabwe’s ambitious drive to lift annual bullion production to 50 tonnes this year, Mining Zimbabwe can report.
By Rudairo Mapuranga
UK-listed Ariana Resources has upgraded its Dokwe Gold Project, located near Tsholotsho, to a valuation of more than US$1 billion following a 42% increase in proven and probable reserves to 1.13 million ounces. A revised pre-feasibility study places the project’s pre-tax net present value at US$1.06 billion, based on a gold price of US$4,250 per ounce, with initial development costs estimated at US$164 million.
Production Profile and Timeline
Dokwe is designed as a 20-year mining operation, beginning with a 12-year open-pit phase followed by eight years of processing stockpiled ore. At peak output, the mine is expected to produce 100,000 ounces per year, equivalent to roughly three tonnes, or 6% of Zimbabwe’s national production target for 2025.
Annual average output is projected at approximately 80,000 ounces, placing Dokwe in direct competition with Caledonia Mining Corporation’s Blanket Mine, which produced around 75,000 ounces in 2024. The project would rank among Zimbabwe’s largest producers, though it will trail Freda Rebecca, the country’s current largest gold mine, and the Bilboes project, which is expected to exceed 160,000 ounces per year at full scale.
Financial Returns and Strategic Context
Ariana estimates the mine could generate nearly US$2 billion in earnings before interest, taxes, depreciation, and amortisation (EBITDA) over its life. Payback is projected within roughly one year of processing start-up, with an internal rate of return of 92%.
The project’s upgraded status comes as gold takes on heightened strategic importance for Zimbabwe following the launch of the gold-backed ZiG currency. Gold generated a record US$4.61 billion in export earnings for the country in 2025, making it the top foreign currency earner.
Location and Development
The Dokwe project sits approximately 110 kilometres west-northwest of Bulawayo, encompassing the Dokwe North and Dokwe Central deposits, first discovered in 2002. Ariana’s development plans are advancing alongside other major projects in Zimbabwe, including Caledonia’s Bilboes project and Namib Minerals’ Mazowe and Redwing operations.
With Dokwe moving toward construction, Tsholotsho District is set to become a significant new node in Zimbabwe’s gold production landscape, adding to the country’s broader push to attract mining investment and expand exports.
