Zimbabwe’s gold deliveries to Fidelity Gold Refinery (FGR) declined in May 2025 compared to April, falling by 9.48% to 3,488.0632 kilograms, down from 3,853.5812 kg the previous month. Despite the month-on-month (MoM) dip, the country recorded a 27.6% year-on-year (YoY) increase, with total deliveries significantly higher than the 2,734.1329 kg recorded in May 2024.
By Rudairo Mapuranga
Artisanal and small-scale gold miners (ASM) contributed 2,552.0986 kg in May 2025 — a 12.77% decrease from the 2,926.1086 kg recorded in April. However, this still represents a robust 52.06% increase from the 1,678.4475 kg delivered by small-scale miners in May 2024.
The ASM sector remains the backbone of Zimbabwe’s gold sector, and its May output, despite the dip, continues to outperform expectations and demonstrates the sector’s resilience in the face of increasing operational costs and unstable power supplies.
Large-scale miners recorded a slight 0.91% increase in May, delivering 935.9637 kg, up from 927.4726 kg in April 2025. However, this figure marks an 11.34% YoY decrease from the 1,055.6854 kg delivered in May 2024, underscoring persistent structural inefficiencies, high production costs, and capital access constraints in the formal sector.
The strong performance in April 2025 set a high watermark for gold output this year. According to Fidelity’s official statistics, total deliveries in April reached 3,853.5812 kg, reflecting a 31.89% MoM increase from 2,793.8132 kg in March 2025, and a remarkable 46.99% YoY increase from 2,386.9067 kg in April 2024.
ASM was the major growth driver, contributing 2,926.1086 kg in April — a 44.09% MoM increase and an 82.42% YoY increase compared to April 2024. In contrast, large-scale miners delivered 927.4726 kg, almost flat from March and down 20.65% from April 2024.
The trend reaffirms that Zimbabwe’s ASM sector is powering gold growth. In Q1 2025, gold deliveries stood at 8,496.4132 kg, a 40.49% increase from Q1 2024, with ASM contributing 5,770.8580 kg — a near 99% increase from the same period last year.
In 2024, ASM contributed over 65% of the national gold output, delivering 23,745.6423 kg out of 36,486.7526 kg, compared to 12,741.1103 kg from large-scale miners.
While May 2025 reflects a slight easing in deliveries compared to April, the year-on-year trend shows Zimbabwe’s gold sector is on an upward trajectory, driven primarily by small-scale miners.
As the government intensifies efforts around beneficiation, formalisation, and policy support, there is an urgent need to strike a balance between empowering ASM and revitalising large-scale operations. With adequate investment, reliable electricity, and stable forex policies, the sector could exceed historical gold output records and solidify its role in Zimbabwe’s economic transformation.
