Zimbabwe’s gold deliveries to Fidelity Gold Refinery (FGR) in July 2025 recorded a marginal 1.42% decrease from the previous month but posted a significant 20.3% increase compared to July 2024, demonstrating continued strength in the country’s gold sector, particularly among artisanal and small-scale miners (ASM), Mining Zimbabwe can report.
By Rudairo Mapuranga
According to official data seen by this publication, total gold deliveries in July 2025 stood at 4,205.02 kg, down 1.42% from 4,265.49 kg recorded in June 2025.
The decline was primarily driven by a 3.41% drop in small-scale gold deliveries, which fell to 3,199.84 kg in July from 3,312.61 kg in June. Despite the drop, the ASM sector remains dominant, contributing over 76% of July’s total deliveries.
In contrast, large-scale miners delivered 1,005.18 kg in July, up 5.49% from 952.88 kg in June, showing signs of steady recovery following earlier restructuring within some major operations.
Year-on-year, total gold deliveries rose by 20.3% from 3,495.08 kg in July 2024 to 4,205.02 kg in July 2025.
This was underpinned by a 36.5% increase in deliveries from small-scale miners, which jumped from 2,343.31 kg in July 2024 to 3,199.84 kg in July 2025. This surge reaffirms the sector’s pivotal role in the country’s gold output.
However, large-scale gold deliveries declined by 12.72% year-on-year, from 1,151.77 kg in July 2024 to 1,005.18 kg in July 2025. The decrease may reflect ongoing infrastructure investments and production realignments in the sector.
The strong July figures follow an exceptional first half of 2025. As previously reported by Mining Zimbabwe, gold deliveries rose by 45.85% in the first six months of 2025 compared to the same period in 2024, with ASM deliveries almost doubling.
Zimbabwe recorded 20,103.55 kg of gold from January to June 2025, up from 13,784.29 kg in 2024. ASM contributions accounted for 14,561.68 kg, a 96.31% increase from 7,416.97 kg a year earlier.
The stellar performance has been attributed to improved confidence in formal gold marketing channels, with the Fidelity Gold Refinery offering over US$105 per gram, encouraging miners to deliver their gold legally.
While the slight month-on-month dip in July deliveries may raise concerns about short-term fluctuations, the broader trend remains overwhelmingly positive. Strong year-on-year growth, particularly from small-scale miners, suggests Zimbabwe remains on track to exceed its 40-tonne gold output target for 2025, provided supportive policies and fair market conditions continue.
