Total deliveries in June 2026 climb to 4,810 kg, up 21.7% month-on-month and 11.0% year-on-year. First-half cumulative output of 21.4 tonnes positions Zimbabwe firmly on course for its 50-tonne annual target.
Gold deliveries to Fidelity Gold Refinery (FGR) surged to their highest monthly level in over a year during June 2026, driven by a remarkable recovery in artisanal and small-scale mining (ASM) output and steady gains from large-scale operators.
Total deliveries for the month reached 4,810.0673 kg, a 21.7% increase from May 2026’s 3,951.0136 kg and an 11.0% rise compared to June 2025’s 4,331.7948 kg, according to official FGR statistics obtained by Mining Zimbabwe.
By Rudairo Mapuranga
The ASM sector, which now contributes approximately 75% of national gold production, delivered its strongest monthly performance since at least early 2025. ASM deliveries in June 2026 stood at 3,580.2739 kg, up 30.6% from May’s 2,740.7582 kg and 8.1% higher than June 2025’s 3,312.6102 kg. The month-on-month surge confirms that the formalisation drive, expanded buying-centre network, and improved enforcement against smuggling are translating into tangible output gains.
Large-scale miners also recorded modest growth, delivering 1,229.7934 kg in June, up 1.6% from May’s 1,210.2554 kg and 20.7% higher than June 2025’s 1,019.1846 kg. The consistent year-on-year growth in the large-scale segment—now exceeding 20% for seven consecutive months—reflects the steady recovery of capitalised mines following years of underinvestment and the injection of fresh capital from new and existing operators.
Second-Quarter Performance: Record-Breaking Momentum
The second quarter of 2026 delivered a total of 12,085.6735 kg of gold to FGR, representing a 29.8% increase from the first quarter’s 9,311.9240 kg and a 2.9% rise compared to the second quarter of 2025, which recorded 11,746.4961 kg. The quarter-on-quarter growth is the strongest since the formalisation drive began in earnest, underscoring the accelerating momentum across the sector.
ASM deliveries in the second quarter reached 8,431.6871 kg, up 29.5% from the first quarter’s 6,510.9110 kg. However, compared to the second quarter of 2025—which delivered 8,790.8174 kg—ASM output declined by 4.1%. The year-on-year decline reflects the ongoing transition from informal to formal production, as enforcement against smuggling and the registration backlog temporarily compress officially reported output before a sustained increase materialises.
Large-scale deliveries in the second quarter totalled 3,653.9864 kg, up 30.4% from the first quarter’s 2,801.0130 kg and 23.6% higher than the second quarter of 2025’s 2,955.6787 kg. The large-scale segment’s consistent growth trajectory provides a stable foundation upon which ASM’s variable but high-growth output can build.
First-Half Cumulative Output: Strengthening Position
Cumulative deliveries for the first half of 2026 now stand at 21,397.5975 kg, compared to 20,345.5953 kg in the same period of 2025—a 5.2% increase. The widening margin is encouraging, especially given that the first quarter had delivered only a modest 1.3% lead over the previous year. June’s strong performance has extended that lead significantly.
At this pace, Zimbabwe has already delivered over 21.4 tonnes of gold in the first six months, leaving 28.6 tonnes to reach the ambitious 50-tonne annual target. Historical production patterns show that the third quarter (July through September) is typically the strongest, as drier weather, reduced labour demands from agriculture, and the full impact of formalisation programmes converge. In 2025, deliveries in the third quarter alone exceeded 12.3 tonnes.
50-Tonne Target: Within Striking Distance
To achieve 50 tonnes by year-end, Zimbabwe needs average monthly deliveries of approximately 4,767 kg for the remaining six months (July–December). June’s 4,810 kg has already exceeded that required average, and with the third quarter historically delivering the highest volumes of the year, the target appears increasingly attainable.
FGR’s own projections remain optimistic, citing several factors that will drive further growth:
Large-Scale Mining: The Reliable Engine
While ASM delivery volumes have been volatile, the large-scale mining segment has demonstrated remarkable consistency. June’s 1,229.7934 kg was the highest monthly figure since at least early 2024, and the 20.7% year-on-year increase marks the seventh consecutive month of double-digit annual growth.
Key drivers of large-scale performance include:
- Mutapa Gold’s operations—Freda Rebecca, Shamva, and Jena mines have all recorded production increases following the injection of fresh capital and management focus under the sovereign wealth fund’s restructuring.
- RioZim’s Renco Mine—now fully stabilised after its successful capital restructuring, Renco is contributing a steady 150–180 kg per month, with plans to increase output as underground development advances.
- Caledonia’s Blanket Mine—despite earlier policy headwinds, Blanket continues to produce at around 80 kg per week, with the Bilboes expansion progressing on schedule for initial production in 2028.
- Namib Minerals’ resurgence—the phased reopening of Mazowe and Redwing, backed by a US$300–400 million investment programme, is expected to add significant volumes from the second half of 2026.
As these large-scale projects reach full production, the segment could deliver 1,500–1,800 kg per month by year-end, providing a reliable baseline that complements ASM’s high-growth but variable output.
ASM Formalisation: From Transition to Transformation
June’s 30.6% month-on-month ASM surge and 8.1% year-on-year growth represent the strongest evidence yet that the formalisation drive has moved from disruption to delivery. April’s year-on-year decline of 27.9% had raised concerns about the pace of transition, but May’s 7.4% growth and June’s 8.1% expansion confirm that the sector has adapted to the new regulatory framework.
The digital Gold Card system, which provides a biometric identification and production-tracking mechanism, has now been rolled out across all mining provinces. Registered miners gain access to formal financing, equipment loans, technical support, and direct off-take agreements with FGR. The system also enables traceability from mine to refinery, a critical requirement for accessing premium international markets that demand ethical and transparent supply chains.
Magaya Mining’s training hubs in Kwekwe, Chegutu, and Mazowe have now graduated over 450 artisanal miners, with 1,200 more in the pipeline. These certified miners are required to sell exclusively to licensed buyers such as FGR, directly feeding the official delivery channel. The company’s contract-mining model at Elvington Mine, where artisanal miners share production with Mutapa Gold on an inclusive and equitable basis, is being replicated at other sites.
The Zimbabwe School of Mines, in partnership with Mutapa Gold and Magaya Mining, is delivering mobile training directly in mining hubs, reducing the logistical barriers to certification. Mines and Mining Development Minister Dr Polite Kambamura has described the programme as “a blueprint for mobile mining schools, training delivered directly in mining hubs across all provinces.”
Policy Environment: Supporting Growth
The government’s policy framework has evolved to support the sector’s expansion while addressing long-standing challenges:
- 100% foreign-currency retention for ASM miners—artisanal miners are permitted to retain all of their export earnings, providing a powerful incentive to sell through official channels. The policy has been credited with driving the surge in ASM deliveries over the past 18 months.
- 30% surrender requirement for large-scale miners—while this policy remains a point of contention, the government and mining industry are in ongoing discussions to recalibrate the retention model to balance fiscal needs with investment incentives.
- Gold Trade Enforcement Unit (GTEU)—the unit’s expanded operations have reduced smuggling and illicit trading, capturing value that previously leaked out of the formal economy.
- Gold Development Initiative Fund (GDIF)—contributions from small-scale miners are being channelled back into the sector through equipment loans, technical support, and infrastructure development.
Outlook: Record Year in Sight
June 2026’s delivery statistics send an unambiguous signal: Zimbabwe’s gold-production boom is accelerating. The 21.7% month-on-month increase in total deliveries, the 30.6% ASM surge, and the 5.2% cumulative lead over 2025 all point to a sector that is outgrowing its previous records.
With the third quarter historically delivering the highest volumes of the year, formalisation programmes gaining traction, large-scale mines ramping up, and enforcement against smuggling tightening, the second half of 2026 is poised to deliver the strongest gold output in Zimbabwe’s history.
The numbers speak for themselves: 21.4 tonnes in six months, June alone delivering nearly 4.8 tonnes, and a trajectory that points firmly upward. The 50-tonne target, once considered a stretch goal, now appears not just achievable but increasingly likely. Zimbabwe’s gold dominance is not a mirage—it is being forged, month by month, kilogram by kilogram, in the tunnels and stamp mills of a nation committed to extracting its full mineral wealth.
