Gold deliveries to the country’s sole operating buyer and exporter, Fidelity Gold Refinery (FGR), increased by 38.63% in February 2025 compared to the same month last year. The rise in deliveries continues to highlight the contribution of Zimbabwe’s Artisanal and Small-Scale Miners (ASM), despite a dip from the previous month’s record output, Mining Zimbabwe can report.
By Rudairo Mapuranga
Total deliveries for February 2025 amounted to 2,568.2544 kg, a significant increase from 1,853.0017 kg in February 2024. However, this marks an 18.06% decline from 3,134.3456 kg in January 2025.
ASM played a crucial role in February’s gold deliveries, contributing 1,640.3149 kg, which is a remarkable 89.79% increase compared to 864.3061 kg in February 2024. Despite the significant year-on-year improvement, ASM output saw a 27.61% decrease from the 2,265.5474 kg delivered in January 2025. The dip can be attributed to operational challenges and market fluctuations but remains impressive in driving national gold output.
In contrast, large-scale miners experienced a decline in their year-on-year output. Deliveries from large-scale producers in February 2025 stood at 927.9395 kg, a 6.14% decrease from 988.6956 kg in February 2024. However, large-scale deliveries showed a slight improvement from the 868.7982 kg delivered in January 2025, marking a 6.81% month-on-month increase.
The decrease in large-scale production over the past year reflects broader challenges faced by the sector, including operational constraints and investment shortages. Large-scale miners have struggled to regain the levels of output seen in previous years, placing more pressure on ASM to sustain overall gold production.
The first two months of 2025 have seen total gold deliveries of 5,702.6000 kg, signaling a strong start to the year despite the monthly decline in February. Comparatively, the surge in ASM output in January helped offset the slowdown in February, ensuring that 2025 remains on track to meet annual production targets.
In January 2025, total gold deliveries reached 3,134.3456 kg, up from 2,375.3259 kg in January 2024. ASM contributed a significant 2,265.5474 kg, compared to 1,333.4371 kg delivered in January 2024. Meanwhile, LSM saw a drop, delivering 868.7982 kg in January 2025, down from 1,108.8156 kg the previous year. The surge in ASM output highlights the vital role small-scale miners play in driving the country’s gold production despite the challenges faced by the LSM sector.
This rise in gold deliveries builds on the strong performance of 2024, where gold deliveries to FGR increased by 26.65%, with ASM dominating the sector with a 21.41% surge. Throughout 2024, small-scale miners consistently outperformed their large-scale counterparts, contributing nearly two-thirds of the total gold delivered. By year-end, ASM had delivered 23,745.6423 kg, while LSM accounted for 12,741.1103 kg, bringing total gold deliveries for 2024 to 36,486.7526 kg. This represents a 21.22% increase from the 30.1 tonnes delivered in 2023.
In December 2024 alone, ASM delivered 3,127.7228 kg of gold, marking a 19.57% increase from 2,615.8037 kg in November. In contrast, large-scale miners experienced a slight decline, delivering 1,034.517 kg, down 8.16% from November’s 1,126.3594 kg. The monthly fluctuations in gold deliveries reflected the volatility of the sector, but ASM’s consistent growth helped maintain overall stability.
This trend highlights the resilience of ASM miners in the face of challenges such as rising operational costs, erratic power supply, and unfavorable exchange rate policies. As a result, the sector has proven instrumental in keeping Zimbabwe’s gold output steady, compensating for the challenges faced by large-scale mining operations.
As 2025 progresses, it will be crucial to address the obstacles facing both ASM and large-scale miners to ensure continued growth in gold production. Early indications from January and February suggest that ASM will continue to be the driving force behind gold deliveries, while efforts must be made to boost large-scale production to balance the sector.
With the right support and incentives, Zimbabwe’s gold sector remains well-positioned to meet its annual production goals, further strengthening its role as a cornerstone of the national economy.
