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Gold buying prices per gram in Zimbabwe, 11 April 2025

Gold buying prices per gram in Zimbabwe today, 11 April 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$95.49/g.
SG ABOVE 89% BUT BELOW 90% US$94.48/g.
SG ABOVE 80% BUT BELOW 85% US$93.47/g.
SG ABOVE 75% BUT BELOW 80% US$92.46/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$90.94/g.

Fire Assay CASH $96.00/g.

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted.
A 2% royalty is charged on all deposits (Small-scale miners).
A 5% royalty is set for Primary Producers.

ZMF Urges Banks to Hire Mining Experts to Ease Miners’ Access to Funding

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The Zimbabwe Miners Federation (ZMF) is calling on local banks to employ mining professionals, such as geologists and industry experts, to create specialized desks aimed at improving small-scale miners’ access to crucial financial resources.

By Ryan Chigoche

Tafi Chitsunge, a senior official at ZMF, emphasized that small-scale miners face significant challenges in securing capital due to stringent bank requirements that do not take into account the unique aspects of mining operations.

During a recent ZMF meeting with industry suppliers, Chitsunge pointed out the importance of having professionals who understand the complexities of the mining sector.

He stressed that, “Local banks must have mining professionals who understand the technical and operational aspects of the mining sector in order to effectively assess and support viable projects. This will enhance small-scale miners’ access to much-needed capital, which has long been a major challenge due to a lack of sector-specific knowledge within financial institutions.”

Small-scale miners are a key part of Zimbabwe’s gold sector, accounting for approximately 65% of total gold production in 2024, which equates to around 23.69 tonnes. In contrast, large-scale miners contributed the remaining 35%, or about 12.79 tonnes.

Despite their vital role in the economy, small-scale miners continue to face significant hurdles when it comes to accessing the necessary funding to expand and modernize their operations.

Many small-scale miners lack formal geological surveys and resource evaluations, making it difficult for banks to assess the viability of their projects.

As a result, traditional financial institutions often reject applications from these miners, who are unable to meet the stringent criteria required for securing loans.

This lack of financial support limits their ability to invest in modern equipment or improve production methods.

Chitsunge emphasized that one way to address this issue is by hiring professionals with a deep understanding of the mining sector.

He explained that a dedicated mining desk, staffed by experts familiar with the unique challenges of small-scale mining, would streamline the loan approval process and better align financial support with the needs of miners.

Such an initiative would also play a crucial role in helping Zimbabwe achieve its ambitious gold production target of 40 tonnes by 2025.

With small-scale miners expected to play a central role in reaching this target, providing them with the financial support they need is essential for the country’s economic growth.

The ZMF has called for greater collaboration between the government, financial institutions, and mining associations to create a more inclusive financial ecosystem for small-scale miners. Chitsunge stressed that improving access to capital is not only necessary to meet Zimbabwe’s gold production goals but also crucial for ensuring the long-term sustainability and growth of the sector.

By securing improved financial resources, small-scale miners can modernize their operations, adopt more sustainable practices, and continue to play a key role in the country’s economic recovery.

ZMF opens doors for suppliers to access its 1,5 million members

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Over 40 companies that supply goods and services to the mining sector have expressed satisfaction with the Zimbabwe Miners Federation’s (ZMF)’s stakeholder engagement efforts, saying the platform is opening up real business opportunities with the often-overlooked small-scale mining sector.

By Rudairo Mapuranga

The companies attended a breakfast meeting organised by the Zimbabwe Miners Federation (ZMF) at its head office on Thursday, and the message from service providers was clear: ZMF is creating real opportunities for business growth across the mining supply chain.

The event was part of ZMF’s stakeholder engagement drive and also gave suppliers insight into the organisation’s calendar of activities, including the rescheduled National Suppliers Conference, now set for October 30, 2025. The meeting was described by several attendees as productive and filled with potential partnerships.

Rutendo Chabururuka from Principle Truck Sales said the engagement was productive and created important links within the mining value chain.

“As an equipment supplier, I’ve seen there’s a lot of potential in what our miners are already doing. We’ve opened doors for a lot of networking, and we’re looking forward to collaborating with more stakeholders in the sector,” he said.

“ZMF is well-positioned, especially with the international event they’re planning. It shows Zimbabwe is on the global map when it comes to mining.”

Karol Ziwonye from Expo Mix based in Graniteside said the meeting gave her business the exposure it has long been seeking.

“We’ve been supplying big mines, but we never had the chance to introduce our products to Makorokoza. This year looks good. We now have the opportunity to connect with small and medium miners, thanks to ZMF,” she said.

She added that knowing the ZMF calendar will help them plan better and take advantage of key events to market their products and services.

Tawanda Chawira from Performance Laboratories described the engagement as timely.

“The meeting was positive. There are many areas we can collaborate on. It’s definitely in our plan to grow business from small-scale miners. ZMF, as the biggest representative body for them, gives us that access.”

The Federation’s decision to move the Suppliers Conference to October was influenced by feedback from stakeholders who want more time to prepare and align with ZMF’s broader international plans. According to ZMF, the event will bring together service providers, financiers, and development partners under one roof to discuss value chain synergies.

With over 1.5 million artisanal and small-scale miners operating in Zimbabwe, many of whom lack access to formal suppliers and support services, ZMF’s approach is bridging the gap between miners and the services they desperately need.

As one of the few organised platforms linking miners to industry partners, ZMF’s supplier engagements are proving to be a win-win for both miners and businesses looking to grow their footprint in the mining sector.

Gold buying prices per gram in Zimbabwe, 10 April 2025

Gold buying prices per gram in Zimbabwe today, 10 April 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$93.44/g.
SG ABOVE 89% BUT BELOW 90% US$92.45/g.
SG ABOVE 80% BUT BELOW 85% US$91.46/g.
SG ABOVE 75% BUT BELOW 80% US$90.47/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$88.99/g.

Fire Assay CASH $93.93/g.

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted.
A 2% royalty is charged on all deposits (Small-scale miners).
A 5% royalty is set for Primary Producers.

Straight Talk with Elizabeth Nerwande – Championing Competence Over Gender

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Elizabeth Nerwande is a trailblazer in Zimbabwe’s mining sector, known for her groundbreaking leadership and unwavering commitment to inclusive, responsible mining. Currently serving as Head of Corporate Affairs at Mimosa Mining Company, Nerwande brings a rich background in social work and industrial psychology to the industry—fields that have uniquely shaped her human-centered leadership style.

From leading national institutions like ZimTrade and the Consumer Council of Zimbabwe to becoming the first woman to serve as President of the Chamber of Mines of Zimbabwe, her journey is one of resilience, purpose, and transformation.

In this exclusive interview, Elizabeth Nerwande reflects on her path, the evolving role of women in mining, and her vision for a more sustainable and inclusive industry.

Can you start by telling us about yourself—who is Elizabeth Nerwande, and how did your personal and professional journey shape the leader you are today?

EN: I am Head of Corporate Affairs at Mimosa Mine. I am a social worker and psychologist by training. I hold an Honours Degree in Industrial Psychology and a Bachelor of Science Degree in Social Work. Before joining Mimosa, my previous work experience included serving as Executive Director of the Consumer Council of Zimbabwe, Chief Executive Officer of ZimTrade, and Commissioner General for Zimbabwe during the 2015 Aichi World Expo held in Japan.

I had a normal Zimbabwean upbringing, and I was always driven by a desire to do better in life.

You have a strong background in social work and psychology. How did you transition from these fields into the mining industry, and what drew you to it?

EN: My work has always focused on understanding communities and bridging the gap between community expectations and business obligations. Most major mining companies have a dedicated department for this role. So, it was not surprising that in 2009, I found myself consulting for three mining companies on strategic forward-planning issues. I was part of a team that was instrumental in providing innovative solutions and leadership direction in my area of expertise. Based on the work I did for Mimosa, they requested me to join them on a full-time basis in 2011.

What have been some of the defining moments in your career, particularly as you navigated a traditionally male-dominated industry like mining?

My election as President of the Chamber of Mines of Zimbabwe is particularly memorable, as I was the first woman to hold that position. I’m glad to say the Chamber was able to embrace people irrespective of their gender. I had known it as an organisation solidly built around its values, traditions, and norms, and one of its most sacrosanct traditions was respect for leadership and competency.

Can you share an experience that helped shape your leadership approach?

I believe leadership is shaped not so much by single incidents but by everyday lived experiences. The challenging situations we face daily require us to rethink our strategies and adapt quickly. In my case, I have learned that instead of making unilateral decisions, it’s more fruitful to engage my team in open discussions, ensuring that every voice is heard. This experience has reinforced the power of inclusive leadership—when people feel valued and empowered, they contribute their best ideas and efforts. This aligns with our organisational philosophy at Mimosa, where we say that if our people have Mimosa in their hearts and minds, they perform better.

My guiding principle has been that opportunity favours the prepared mind.

Big dreams require healthy habits, and healthy habits require self-discipline.

As the first woman to lead the Chamber of Mines Zimbabwe, how did this experience shape your perspective on women’s roles in the mining sector?

My perspective is that, as in any profession, your competence must speak for itself. We must de-emphasise gender and focus on competence and capability. Having said this, I’m glad to note that during my tenure at the Chamber, people saw me not as a woman but as a competent professional leader. I believe women intending to enter the mining sector must aim to achieve this. No company would want to employ a woman just for the sake of it. So, I encourage women to acquire the requisite training and skills if they want to enter the mining sector. It’s encouraging to note that we now have women engineers, geologists, and professionals in other technical fields that were previously male-dominated.

Over the years, you’ve held significant leadership roles in Zimbabwe’s mining industry. How have you seen the sector evolve since you first joined, and what has your role been in influencing these changes?

EN: The mining sector in Zimbabwe has evolved tremendously since I first joined, particularly in governance, sustainability, and inclusivity. In the past, mining was largely viewed through the lens of extraction and economic gain. Today, there is a greater emphasis on responsible mining practices, environmental stewardship, and community engagement. The role of technology has also expanded, improving efficiency and safety while creating new opportunities for a more diverse workforce.

One of the most notable shifts has been the increasing recognition of women’s contributions to the industry. When I began my journey, mining was predominantly male-dominated, with limited opportunities for women in leadership and technical roles. Today, we see more women not only entering the industry but also taking up influential positions in operations, policy, and governance.

Throughout my career, I have been committed to driving these positive changes. Whether through policy advocacy or corporate governance initiatives, I have worked to create an environment where diversity and inclusion are seen as strengths rather than challenges. I have also championed ethical leadership and ESG (Environmental, Social, and Governance) principles to ensure that mining benefits not just companies but also communities and the nation at large.

What were some of the challenges you faced as a woman in mining, and how did you overcome them?

Working in an industry dominated by men comes with its challenges. I realised I needed to make certain adjustments and work on managing the dynamics of gaining entry and acceptance into the “big boys’ club.” The pressure was real, and sometimes the fear of failure was overwhelming. However, I soon realised that we are not meant to compete with our male counterparts but to complement each other.

The workplace does not need more women trying to be men—it just needs more women. Women bring a humane element to work, which is invaluable in ensuring psychosocial well-being and long-term sustainability.

Were there any specific moments where your gender posed unique challenges or perhaps even advantages?

Yes, there were moments when my gender posed challenges, particularly in gaining initial acceptance in leadership circles. However, I also found that being a woman sometimes gave me an advantage—especially in stakeholder engagement, where empathy, collaboration, and strong communication skills were highly valued.

What has been your approach to building relationships with key stakeholders, including communities, governments, and other industry players, in your role as Head of Corporate Affairs at Mimosa Mining Company?

At Mimosa, we have fully embraced the culture of building relationships with all our stakeholders. We strive for success in delivering value to our stakeholders. In this respect, we have a well-structured stakeholder engagement plan, which involves regular meetings to exchange ideas on how to improve our relations. Stakeholder relations are one of Mimosa’s strongest areas, and we will continue to nurture mutually beneficial relationships.

Can you describe the impact of your leadership on the initiatives you have championed within the mining sector, especially those that support women’s participation and advancement?

Through our CSR work, we have positively impacted communities by providing health services to women, educational infrastructure and support for girls, and potable water, which eases the burden of water collection in rural communities. Our horticulture gardens initiative has also helped women provide food for their families.

The mining industry is continually evolving with a focus on sustainability, modernization, and gender inclusivity. How do you see the role of women changing in the current mining setup, and what more can be done to create equal opportunities?

EN: The role of women in mining has significantly evolved over the years. With the industry’s increasing focus on sustainability, modernization, and inclusivity, we are seeing more women taking up technical, operational, and leadership roles that were once male-dominated. The adoption of new technologies, automation, and ESG (Environmental, Social, and Governance) principles has further opened doors for women, as physical barriers are reduced and skill-based opportunities expand.

We need to empower women with the requisite training so that they attain the competency needed by the industry. This may entail the promotion of STEM subjects for girls. Collaboration between industry leaders, policymakers, and educational institutions is also critical in encouraging more women to pursue careers in mining. By investing in STEM education, scholarships, and outreach programs, we can inspire the next generation of female mining professionals.

Ultimately, gender inclusivity is not just about fairness—it is about industry sustainability. A diverse workforce drives innovation, enhances decision-making, and strengthens business resilience. The mining industry must continue to embrace this transformation to remain competitive and socially responsible.

Reflecting on Zimbabwe’s previous goal of a US$12 billion mining industry by 2023, how do you feel this target has impacted the current mining landscape, and what do you think women, specifically, have contributed to this vision?

EN: I think there was a convergence of minds that the mining industry could chase that target, and I believe that with the sustained growth we are witnessing in mining, it’s only a matter of time before it is achieved. In the last five years or so, the growth has been phenomenal.

As to what women have contributed, let me say it’s not about women—it’s about the industry accepting women as co-participants. The focus must be on understanding that women can also excel in the industry. Let us emphasize competency across the board. We must move away from the notion that simply because we are women, our competence must be questioned or defined by our gender. No, we are humans. Competence must be assessed equally for both genders.

How does Mimosa Mining Company navigate the challenges of balancing profitability with its corporate social responsibility (CSR) and environmental sustainability commitments?

In 2019, we unveiled our Investing Beyond Mining logo to affirm our commitment to sharing the benefits of our operations with the community. Every year, we allocate a percentage of our revenue to CSR initiatives, which we regard with utmost commitment. Over the years, we have made sustained, impactful investments in the areas of health, education, infrastructure development, water and sanitation, as well as sustainable projects.

With the increasing focus on ESG (Environmental, Social, and Governance) principles, how do you see the mining sector in Zimbabwe evolving in the next five to ten years, and what role do you believe women will play in this shift?

EN: The mining sector in Zimbabwe is poised for significant transformation over the next five to ten years, largely driven by the increasing focus on ESG principles. Sustainability will no longer be a peripheral concern but a core part of business strategy. Companies will be expected to adopt greener technologies, reduce their carbon footprint, and implement responsible mining practices that minimize environmental impact. Community engagement and ethical governance will also play a critical role in ensuring that mining benefits local populations and aligns with national development goals.

As I have indicated earlier, the main issue is to de-emphasize gender and stress competency. I believe many competent women will take up influential positions in mining in the next few years.

As someone who has broken barriers in the mining industry, what message or advice would you give to young women aspiring to join the sector?

EN: To young women aspiring to join the mining industry, my message is simple: Be bold, be resilient, be competent, and believe in your potential. The mining sector is no longer just a man’s world—it is evolving, and there is growing recognition of the value that women bring to the industry.

Challenges will come, but do not let them define your journey. Equip yourself with knowledge and never stop learning. Technical skills and expertise will open doors, but confidence and perseverance will keep them open.

Lastly, as we celebrate Women’s Month, what does this celebration mean to you personally, and how do you continue to champion women’s empowerment in the industry and beyond?

EN: Women’s Month is a time of reflection, celebration, and renewed commitment to advancing gender parity. To me, it is a reminder of the resilience, strength, and contributions of women across all industries, including mining, where we continue to break barriers and redefine possibilities.

Women’s Month is not just about celebration; it is about pushing forward with the work that still needs to be done. Together, we can build a more inclusive and equitable future for all.


This interview first appeared in the Mining Zimbabwe Magazine, Edition 77

The return of Bindura Nickel – Creditors and Shareholders to Convene

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In a significant move aimed at salvaging Zimbabwe’s sole integrated nickel producer, Bindura Nickel Corporation Limited (BNC) has called for the first statutory meetings of creditors and members under the Insolvency Act [Chapter 6:04], Mining Zimbabwe can report.

By Rudairo Mapuranga

As per a notice issued by the Administrator, Mr. Mutsa M.J. Remba, the meetings will be held on April 23, 2025, at Chapman Golf Club in Harare. The creditors’ meeting is scheduled for 10:00 AM, followed by the members’ meeting at 2:30 PM.

These meetings are being held in accordance with Section 194 of the Insolvency Act (read with Section 191), also known as the Reconstruction Act. They aim to provide an opportunity for creditors to prove their claims and for members to receive a comprehensive update on the proposed reconstruction plan and the prospects of the Companies’ return to solvency.

To be eligible to claim any debts owed, creditors must complete and submit an Affidavit Form for Proof of Claim, available from the Companies’ offices or via email request. Supporting documents must be filed in duplicate at the Master of the High Court.

Reconstruction Mandate and Legal Moratorium

BNC and Trojan Nickel Mine were placed under reconstruction following a Government Reconstruction Order in terms of the Reconstruction of State-Indebted Insolvent Companies Act [Cap 24:27], which transferred control of the companies to the Administrator. The order imposes a moratorium on legal proceedings and asset disposals, unless approved by the Administrator, as part of efforts to stabilize the entities and allow for financial recovery.

Trading Suspension on VFEX

Following this restructuring development, BNC shares were voluntarily suspended from trading on the Victoria Falls Stock Exchange (VFEX), effective May 6, 2024. This decision, announced by VFEX Head of Markets Robert Mubaiwa, was aligned with provisions under the Reconstruction Act and supported by the Securities and Exchange Commission of Zimbabwe.

“Although the Reconstruction Order was issued against Trojan Nickel Mine Limited, BNC as the holding company is equally affected by the order pursuant to Section 4(3)(a) of the Reconstruction Act,” Mubaiwa stated. “As a result, the Administrator applied for the voluntary suspension in trading of BNC shares.”

Despite the suspension, BNC remains obliged to meet all its shareholder and VFEX obligations under Section 9 of the VFEX Listings Requirements during the reconstruction.

Financial Woes Rooted in Operational and Market Challenges

BNC’s placement under reconstruction reflects the broader financial distress facing Zimbabwe’s mining sector. The company, majority-owned by state-controlled Kuvimba Mining House, has been severely impacted by falling global nickel prices and rising operational costs.

Nickel prices, which peaked at a record US$100,000 per tonne in 2022 due to geopolitical tensions, have since plummeted to under US$19,000 per tonne—a 25% year-on-year decline. The drop has rendered BNC’s operations economically unsustainable, with energy costs alone having surged by 40% in 2023.

Operations at the Trojan Nickel Mine ceased last year due to the breakdown of a critical ore-hoisting component, the Sub-Vertical Rock Winder (SVR) bull gear. Although a replacement has been installed, full production is yet to resume due to ongoing technical setbacks.

The upcoming creditors and members meetings will be crucial in determining the viability of the proposed reconstruction plan. Stakeholders will be closely monitoring whether this process can revive Zimbabwe’s flagship nickel operation and stabilize the company amid global market headwinds.

Pambili Raises Fresh Capital to Accelerate Gold Projects in Zimbabwe

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Toronto Stock Exchange (TSX)-listed Pambili Natural Resources Corporation has announced plans to raise C$500,000 (US$352,000) through a series of convertible loan notes issued to qualified investors. The raise is subject to approval by the TSX Venture Exchange (TSX-V).

By Ryan Chigoche

Kavango Resources Plc, Pambili’s largest shareholder, has committed C$340,000 (US$239,000) to the raise, reaffirming its position as a cornerstone investor in the company.

According to a company circular, the funds will be used for general working capital purposes, including debt settlement and the initial evaluation of the London Wall group of mines, over which Pambili has secured a purchase option.

Jon Harris, Chief Executive Officer of Pambili Natural Resources, emphasized that the proceeds would support exploration and development of the company’s Zimbabwean gold assets, including the Golden Valley A1 gold claim.

“Kavango is Pambili’s largest shareholder. Its participation in this raise demonstrates its continued support for our strategic approach to developing the vast modern mining and production potential on offer across Zimbabwe’s underexplored gold belts.

“The proceeds of the raise will provide Pambili with the working capital required to develop its Golden Valley A1 mining claim, as well as to conduct initial due diligence on the London Wall option. We believe the London Wall mine has significant potential to be a company builder, and we look forward to being able to announce positive news from that opportunity in the near future,” he said.

The transaction is subject to TSX-V approval. Redemption will be made through the issuance of Units priced at C$0.05 per Unit.

Each Unit will consist of one Pambili share and one-half of a common share purchase warrant (each whole warrant being a “CLN Warrant”).

Each CLN Warrant will entitle the holder to purchase one additional share (a “CLN Warrant Share”) at C$0.10 within 12 months of notice.

Subject to regulatory approval, Pambili will also pay finder’s fees of up to 7% on funds raised, to be settled through the issuance of shares and warrants on the same terms as the Units.

All securities issued under the transaction will be subject to a four-month-and-one-day statutory hold period from the date of closing, in accordance with Canadian securities laws, in addition to any other restrictions applicable in jurisdictions outside Canada.

Last year, Pambili entered a 12-month agreement with Long Strike Investments to acquire the London Wall group of 21 gold assets in Gwanda, located in Zimbabwe’s Matabeleland South Province.

The option agreement for the London Wall group of gold mines, which includes two previously producing mines—London Wall and New Jessie—covers claims situated along three major regional gold-bearing geological structures. The company believes this acquisition has the potential to be a transformative asset.

The company also owns and operates two gold mines near Bulawayo: the Golden Valley Mine (GVM) and the Happy Valley Mine, which is located approximately 15 km from the city. Pambili sees strong acquisition potential in the region, supported by a track record of historical mining success.

With continued backing from key investors and a growing portfolio of promising gold assets, Pambili Natural Resources is positioning itself as a key player in Zimbabwe’s mining revival.

As exploration and development efforts ramp up across underexplored gold belts, the company’s strategic focus on sustainable growth and operational expansion could mark a pivotal chapter in its journey—and potentially, in Zimbabwe’s booming gold mining sector.

Gold Deliveries Surge by Over 40% as ASM Powers Sector Growth

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Gold deliveries to Fidelity Gold Refinery (FGR) continued to rise in the first quarter of 2025. The increase was driven largely by the outstanding performance of Artisanal and Small-Scale Miners (ASM).

Total gold deliveries reached 8,496.4132 kilograms in Q1 2025. This represents a 40.49% increase from the 6,044.8689 kilograms delivered in the same period last year, Mining Zimbabwe can report.

By Rudairo Mapuranga

Gold deliveries in March 2025 amounted to 2,793.8132 kg, reflecting an 8.80% increase from the 2,568.2544 kg delivered in February 2025. This growth was almost entirely driven by ASM, who delivered 1,864.9957 kg—up 13.68% from 1,640.3149 kg the previous month.

Large-scale miners (LSM), in contrast, showed minimal growth month-on-month, with March deliveries at 928.8175 kg—a modest 0.09% rise from 927.9395 kg in February.

For the first quarter of 2025, ASM delivered a staggering 5,770.8580 kg, more than double the 2,901.8006 kg they delivered in Q1 2024—marking a 98.85% year-on-year increase.

Meanwhile, large-scale miners contributed 2,725.5552 kg in Q1 2025, a 13.30% decline from the 3,143.0683 kg in Q1 2024. This highlights ongoing struggles in the formal mining sector due to factors such as operational constraints, undercapitalization, and electricity costs.

Total deliveries in Q1 2025 thus rose to 8,496.4132 kg, compared to 6,044.8689 kg delivered during the same quarter in 2024—translating to a 40.49% year-on-year growth.

In February 2025, gold deliveries totaled 2,568.2544 kg, up 38.63% from 1,853.0017 kg in February 2024. However, this marked an 18.06% decline from the 3,134.3456 kg delivered in January 2025.

ASM’s February contribution stood at 1,640.3149 kg, a remarkable 89.79% increase from the 864.3061 kg delivered in February 2024, despite falling from January’s 2,265.5474 kg. Large-scale miners delivered 927.9395 kg, representing a 6.14% decline from 988.6956 kg in February 2024 but an improvement from 868.7982 kg in January 2025.

The gold delivery trend in early 2025 echoes the performance seen throughout 2024, where ASM delivered 23,745.6423 kg compared to 12,741.1103 kg from large-scale miners, accounting for nearly two-thirds of Zimbabwe’s total gold output of 36,486.7526 kg—a 21.22% rise from 2023.

December 2024 capped the year with ASM delivering 3,127.7228 kg, up 19.57% from the previous month. LSM, however, saw an 8.16% drop to 1,034.517 kg.

The robust growth in gold deliveries so far in 2025 is underpinned by the resilience of ASM players, who continue to thrive despite rising operational costs, power challenges, and forex retention concerns. Their agility and responsiveness to market changes have made them the backbone of Zimbabwe’s gold sector.

Moving forward, targeted support for both ASM and large-scale miners—such as improved access to capital, reliable power, and fair market conditions—will be essential to sustaining and surpassing current growth levels.

With ASM showing no signs of slowing down, and with large-scale mining requiring urgent revitalization, Zimbabwe’s gold industry stands at a critical juncture—with massive potential waiting to be fully unlocked.

Zimbabwe’s Policy Environment adds to Karo Setbacks – Tharisa

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The commissioning of the Karo Platinum Project in Zimbabwe has been delayed several times, primarily due to falling platinum group metal (PGM) prices and related funding challenges.

By Ryan Chigoche

Originally scheduled for July 2024, the project was first pushed to June 2025. Most recently, the timeline has been extended to the second half of 2026.

Beyond the impact of declining global commodity prices, Tharisa has also cited Zimbabwe’s policy environment as a key factor behind the delays. In particular, the lack of strong incentives for large-scale greenfield investments has made it difficult to attract the kind of capital required to advance the project.

The Karo Project stands out as a rare greenfield development in the PGM sector. It gives Tharisa a chance to implement cutting-edge technologies that lower costs and boost efficiency—something far more challenging in older, brownfield operations.

Given the massive upfront capital needed before any returns are realized, a supportive and predictable investment climate is critical for a project of Karo’s scale.

Speaking at the 2025 PGM Industry Day Indaba in Johannesburg, Tharisa CEO Phoevos Pouroulis highlighted both capital constraints and regulatory challenges as major hurdles to progress.

“Our aspirations are bigger than our balance sheet. Part of the reason we have delayed the Karo Project is the capital to complete it… we are big employers, we contribute to the fiscus, and I think there needs to be recognition. At the moment, we feel like we are a little bit of a punching bag. We hope that the Minister can support us in our initiatives,” he added.

Despite these challenges, work on the project continues.

Pouroulis confirmed that key infrastructure projects, such as bringing power and water to the site, are currently underway.

“All the earthworks have been completed, about 70% of the civils are complete, and we have also procured around 70% of the mechanicals.”

Looking ahead, Tharisa expects the Karo Project to more than double its platinum output within the next three years. The company sees the project as a long-term, transformative investment.

“We are targeting about 200,000 ounces in the next 24 to 36 kilotonnes, which dovetails with the commissioning and the steady-state production of the Karo Project. Phase One only deals with 10% of the resource endowment. This is a 96-million-ounce resource with reserves just over 11 million ounces. It’s a multi-generational opportunity,” Pouroulis said.

Once operational, the Karo Project is expected to add approximately 200,000 ounces of PGMs annually, doubling Tharisa’s current output from its Tharisa Mine.

As the company navigates a tough global market and Zimbabwe’s challenging regulatory terrain, the Karo Platinum Project remains central to Tharisa’s long-term strategy.

With meaningful progress already made and a clear roadmap ahead, the company is positioning Karo as a generational asset—provided the necessary support structures are in place.

Gold buying prices per gram in Zimbabwe, 9 April 2025

Gold buying prices per gram in Zimbabwe today, 9 April 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$91.61/g.
SG ABOVE 89% BUT BELOW 90% US$90.64/g.
SG ABOVE 80% BUT BELOW 85% US$89.67/g.
SG ABOVE 75% BUT BELOW 80% US$88.70/g.
SAMPLE BELOW 10g BUT ABOVE 5g US$87.25/g.

Fire Assay CASH $92.09/g.

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted.
A 2% royalty is charged on all deposits (Small-scale miners).
A 5% royalty is set for Primary Producers.