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Gold deliveries to Fidelity Gold Refinery (FGR) declined sharply in January 2026, falling 38.4% month-on-month from December 2025’s record performance, while also recording a modest 3.9% year-on-year dip compared to January 2025, according to the latest statistics released by the country’s sole gold buyer and exporter, Mining Zimbabwe can report.
By Rudairo Mapuranga
Total gold deliveries for January 2026 stood at 3,044.9708 kg, down from 4,941.7172 kg in December 2025 and slightly below the 3,168.7170 kg delivered in January 2025.
The decline follows a historic 2025 campaign where Zimbabwe smashed the national 40-tonne target, with annual deliveries reaching a record 46,729.06 kg—a 28.1% increase from 2024. The January slowdown reflects typical post-holiday seasonality and production consolidation after December’s exceptional output.
Sectoral Breakdown: ASM Resilience Tested
Artisanal and Small-Scale Miners (ASM), the backbone of Zimbabwe’s gold sector, delivered 2,236.5628 kg in January 2026.
Month-on-Month: This represents a sharp 42.4% decline from December 2025’s outstanding 3,881.6877 kg, which had capped a year in which ASM nearly matched the entire industry’s 2024 output.
Year-on-Year: Deliveries slipped a marginal 1.3% from 2,265.5474 kg in January 2025.
While the monthly drop is significant, it comes off an exceptionally high base. December 2025 saw ASM deliveries surge 20.0% month-on-month, and the sector grew a staggering 46.9% across the full year 2025. Analysts view the January cooldown as a natural production reset following a period of sustained, record-breaking activity.
Large-Scale Producers (LSM) delivered 808.4080 kg in January 2026.
Month-on-Month: A 23.7% decrease from 1,060.0295 kg in December 2025.
Year-on-Year: A 10.5% decline from 903.1696 kg delivered in January 2025.
The large-scale sector has faced persistent headwinds. Full-year 2025 deliveries for LSM fell 7.0% compared to 2024, and the January 2026 figures continue this trend. Industry observers point to operational constraints, power shortages, and capital expenditure delays affecting major producers.
The January 2026 figures must be viewed against the backdrop of an unprecedented 2025. Zimbabwe’s gold sector delivered a historic 46.7 tonnes last year, with ASM contributing an extraordinary 34,875.10 kg, nearly matching the entire industry’s 2024 total of 36,486.75 kg. December 2025 alone saw nearly 5 tonnes delivered, one of the highest monthly totals on record.
Seasonal patterns have historically influenced first-quarter performance. In January 2024, deliveries fell 3.1% from December 2023, while January 2023 also recorded post-festive season slowdowns. The current decline mirrors these established trends, though amplified by the exceptional heights reached in late 2025.
Encouragingly, the year-on-year decline is modest at just 3.9% overall, suggesting underlying sector strength remains intact. ASM’s year-on-year performance slipped only 1.3%, indicating that small-scale miners have largely sustained the production gains achieved throughout 2025.
Fidelity Gold Refinery’s recent shift to a live morning benchmark for its daily fixed price, replacing the previous day’s close, is expected to support producer confidence through greater pricing transparency and responsiveness to global market openings.
With gold prices remaining elevated near $5,000 per ounce despite recent volatility, and FGR continuing competitive purchasing terms, industry stakeholders anticipate production will stabilize and recover in the coming months.
The ASM sector, which has consistently contributed over 65% of national output and drove the record 2025 performance, remains well-positioned to regain momentum as weather conditions improve and operations normalize.
January’s figures serve as a measured start to 2026—a consolidation month after a landmark year—rather than a cause for concern. The fundamentals that propelled Zimbabwe beyond 40 tonnes remain firmly in place.
