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Mining Indaba 2026 DAY 3

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Mining Indaba 2026 DAY 3

Day Three at the Investing in African Mining Indaba saw Zimbabwe intensify its investment outreach, led by the Minister of Mines and Mining Development, Dr Polite Kambamura (MP), highlighting beneficiation, sustainability, and strategic partnerships.

Kelvin Sungiso

The day began with a high-level meeting with the World Bank, focusing on governance, infrastructure support, and policy consistency to attract long-term capital. Minister Kambamura reaffirmed Zimbabwe’s commitment to transparency, regulatory efficiency, and investor-friendly frameworks.

Discussions with Valterra Platinum centered on expanding platinum group metals production along the Great Dyke, enhancing refining capacity, and mobilising capital for downstream value addition. With Zimbabwe holding the world’s second-largest platinum reserves, the country is pushing to move beyond raw exports and deepen industrialisation.

Sustainability was a major theme, with Minister Kambamura delivering a keynote address at the Sustainable Energy for All platform. He emphasized the importance of reliable, affordable, and clean energy to support beneficiation and investor confidence. Sweden’s State Secretary, Diana Janse, met the Minister to reaffirm a joint commitment to sustainable mining, innovation, and value addition.

In his main address at the Sahara Stage, the Minister presented Zimbabwe’s investment case, highlighting policy reforms, secure tenure, and opportunities in lithium, platinum, and gold. The UK Trade Commissioner for Africa, John Humphrey, underscored cooperation on geological surveying, mineral governance, and how transparent geological data can unlock Zimbabwe’s mining potential.

A closed-door ADPA Ministerial Roundtable strengthened regional collaboration on diamond beneficiation. The day concluded at the Mutapa Mining Indaba Symposium, where the strategic realignment of the Mutapa Investment Fund was highlighted as transformative, improving asset efficiency, governance, and private capital mobilisation.

Overall, Zimbabwe positioned itself as an open, sustainable, and investment-ready mining hub, combining resource wealth with regulatory reforms, renewable energy integration, and strategic international partnerships.

Gold buying prices in Zimbabwe per gram/ ounce, 12 February 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 12 February 2026

Gold buying prices in Zimbabwe per gram/ ounce, 12 February 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

Here you go — converted neatly into USD per troy ounce (oz) using 1 oz = 31.1035 g.

CategoryPrice ($/g)Price ($/oz)
SG 90% and above153.974,789.38
SG 85% and above but below 90%152.344,738.68
SG 80% and above but below 85%150.714,687.99
SG 75% and above but below 80%149.084,637.29
Sample 5g and above but below 10g146.644,561.39
Fire Assay CASH154.784,814.57

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

Kambamura Sets Year-End Deadline for Resuscitation of Middle Dyke PGM Projects

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Kambamura Sets Year-End Deadline for Resuscitation of Middle Dyke PGM Projects

CAPE TOWN – Zimbabwe’s Platinum Group Metals (PGM) sector is on the cusp of a historic expansion, with the government setting an ambitious deadline to bring multiple new projects into production by the end of 2026, as investor appetite for the country’s Great Dyke resources reaches unprecedented levels, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at an oversubscribed Mutapa Mining Indaba symposium in Cape Town, Minister of Mines and Mining Development Dr Polite Kambamura delivered an unvarnished observation that spoke volumes about shifting sentiment toward Zimbabwe’s PGM endowment.

“Next time, when you invite people, especially at these platforms, you need to consider a bigger venue. Look at the appetite,” Kambamura said, surveying a conference hall that had exceeded capacity.

He then issued a clear policy deadline: “It’s in our strategic plans that this year we need to be somewhere with regard to all that are in the Middle Dyke—Great Dyke Investments, Bravura, Karo is already working—so that the PGM sector is resuscitated by the end of this year.”

Central to this push is Mutapa Platinum Group’s Darwendale project, a world-class asset with estimated resources of 44 million ounces of platinum group metals located approximately 65 kilometres west of Harare.

Mutapa Platinum CEO Munashe Shava confirmed that the company expects to commence open-pit development by the end of the first quarter, with an initial throughput target of at least 2 million tonnes per annum. The project carries an estimated development cost of US$500 million.

“We have also done a collaborative approach for the development of the asset, where we are looking at other producers or other miners who are already in the game to try and see how to collaborate with them to fast-track the development,” Shava said at a recent press conference in Harare.

He confirmed that the company is at an advanced stage with partners where funding is now “almost ready,” adding: “We are open to anybody who has got the proper colour of money to come into the project.”

The open-pit phase is expected to last between seven and ten years, with subsequent underground development to follow. A modular development strategy will see bulk infrastructure—road networks, water systems, and supporting services—established concurrently this quarter.

Karo Platinum, the project Minister Kambamura specifically noted as “already working,” is rapidly advancing toward first production. Located in Selous along the Great Dyke, Karo has invested over US$190 million to date in Phase 1 development, which carries a total budget of US$543 million.

The project, jointly owned by Karo Mining Holdings (85%) and the Government of Zimbabwe (15% free carry), has defined initial probable reserves of 35.5 million tonnes at 2.31 g/t, containing approximately 2.5 million ounces of platinum, palladium, rhodium, and gold.

First ore production is targeted for the first half of 2026. Once operational, Karo will process 2.5 million tonnes of ore per annum, producing 190,000 ounces per year of 6E PGMs over an initial 17-year life of mine, with company officials indicating potential for a lifespan exceeding 50 years.

To address power security—a critical vulnerability for Zimbabwean miners—Karo is developing a 30 MW solar PV plant to supplement grid electricity, alongside constructing a 132 kV transmission line from the Selous substation. The company has also raised US$37 million through the Victoria Falls Stock Exchange (VFEX), demonstrating the growing viability of domestic US dollar-denominated capital markets.

Bravura Group’s Selous PGM project adds further weight to the Middle Dyke renaissance. Speaking to Mining Zimbabwe in 2023, Bravura General Manager Gbenga Ojo said the company has drilled over 40,000 metres to a maximum depth exceeding one kilometre, with the resource independently verified by SRK Consulting.

“We are confident in the measured resource and expect a life of mine exceeding 35 years, with further phases to follow,” Ojo said. The company is preparing for the excavation of the box cut.

Significantly, Bravura is prioritising local content and sustainable closure planning. “In terms of employment, we prioritise local hiring and skill transfer. Currently, 90% of our staff are Zimbabweans,” Ojo confirmed. “We do not engage in contract mining; all equipment and personnel are in-house, mitigating operational risks.”

The company has already secured an EIA certificate for its Kamativi project and is finalising the EIA application for Selous, with transparent closure plans embedded from the outset.

These new entrants will join Zimbabwe’s three established PGM producers, collectively positioning the country as the world’s third-largest platinum reserve holder after South Africa and Russia.

Zimplats, the Implats-controlled giant, remains the sector’s dominant producer. The company is currently executing a US$388 million Mupani Mine development and upgrade, advancing from 83% to 100% completion to replace declining production from existing operations. Zimplats also operates a base metal refinery and is constructing a new tailings storage facility.

Mimosa Mining Company, the joint venture between Implats and Sibanye-Stillwater, produced 123,000 ounces of 6E concentrate in the first half of FY2026, a 5% decline attributed to intermittent power interruptions and increased processing of oxidised ore as mining advances toward the extremities of the orebody. Despite these headwinds, Mimosa remains a globally competitive, low-cost producer with completed capital projects, including a new tailings storage facility.

Unki Mines, owned by Anglo American Platinum, continues to operate as Zimbabwe’s third major PGM producer, contributing steady output from its Shurugwi operations.

Minister Kambamura’s year-end deadline reflects a coordinated strategy to expand Zimbabwe’s PGM producer base from three to as many as six operational mines. When fully realised, Darwendale, Karo, and Bravura Selous will add significant production capacity, create thousands of direct and indirect jobs, and deepen the country’s integration into global clean energy supply chains.

As the Minister told the packed Cape Town venue, the appetite is unmistakable. The task now is execution.

Mutapa Base Metals Seeks Strategic Partner for Chrome Beneficiation

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Mutapa Base Metals Seeks Strategic Partner for Chrome Beneficiation

CAPE TOWN – Mutapa Base Metals is actively pursuing a strategic equity partner to drive a full return to chrome beneficiation, targeting production of 120,000 metric tonnes of high-carbon ferrochrome per annum and generating revenue close to US$180 million in the initial phase, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking from a detailed roadmap presentation at the Mutapa Mining Indaba Symposium in Cape Town, Mutapa Base Metals Chief Executive Officer Godwin Gambiza outlined the company’s pivot away from raw chrome exports toward integrated smelting capacity anchored by the resuscitation of the Gweru ferrochrome refinery.

“Mutapa Base Metals has placed priority on a full return to beneficiation through the Gweru refinery,” Gambiza said. “This will be achieved through forming partnerships with investors to produce ferrochrome, leveraging the high-grade quality of the resource and tapping into the growing global demand for stainless steel.”

US$60 Million Initial Phase, Scalable to Meet Demand

The partnership model envisages an initial investment phase of US$60 million, with provisions to scale up in line with growing demand and supporting fundamentals, including firm power supply and appropriate pricing mechanisms.

The partner will make an equity investment while also providing funding for exploration, feasibility studies, construction of beneficiation capacity, and, critically, an energy solution to power the smelter.

Geological Edge: 38% Minimum Chromium Oxide

Gambiza positioned the chrome resource’s quality as the partnership’s primary success factor, revealing grades that significantly exceed typical global benchmarks.

“The Base Metals company’s strength lies in a vast resource of high-quality chrome reserves of around 38% minimum chromium oxide,” he stated.

For context, he drew a direct comparison with South Africa, the world’s largest chrome producer. “If you compare with the South African resource, you talk of lower 30s,” Gambiza said.

This grade differential is critical. Higher chromium oxide content translates directly to lower energy consumption and higher efficiency in ferrochrome smelting, a decisive competitive advantage, particularly given Zimbabwe’s power constraints. The 38% baseline confirms Mutapa Base Metals is targeting high-grade metallurgical chrome ideally suited for ferrochrome production.

Although the resource statement is now outdated, having last been completed in 2010, the term sheet requires full exploration to be carried out. A recent desktop study based on depletion sheets revealed that the chrome company “still hosts significant deposits of chrome,” and Gambiza confirmed this estimate has been accepted by the potential investors currently being engaged.”

The resource will be exploited through both opencast operations and underground mining.

Mutapa Base Metals’ chrome portfolio is anchored by Zimbabwe Alloys Limited (ZimAlloys), a company with significant concessions on the Great Dyke that historically mined both on-reef and off-reef to produce feed for its now-defunct ferrochrome smelters at the Gweru refinery.

The company faced operational challenges and entered judicial management in 2012 under the previous shareholders. Kuvimba Mining House acquired the asset in 2019 and successfully took the company out of judicial management in July 2021, paying off both offshore and local creditors.

Since then, the company has operated under Kuvimba Mining House, which was recently restructured by its shareholder, the Mutapa Investment Fund, into four commodity-focused verticals. Mutapa Base Metals now runs Mutapa’s chrome assets, among others that may be announced in the future.

Current Operations: Ramping Up Concentrate Production

The current business model is premised on chrome concentrate and lumpy ore production, with the bulk of the product finding its way to export markets.

Gambiza confirmed that Mutapa Base Metals is commissioning additional chrome wash plants at Doro Range and Inyala in March 2026 and July 2026, respectively. Production is expected to stabilise at around 11,000 tonnes per month of chrome concentrate by mid-2026.

“This will position Mutapa Base Metals as a leading chrome concentrate producer in the country,” he said, noting that lumpy ore production is also anticipated to increase to 25,000 tonnes per month.

The operations are strategically located across the Great Dyke, including the North Dyke and Middle Dyke in Lalapanzi.

This expansion will register a significant increase in job creation, with the labour complement anticipated to reach 1,500 from the current 260, while contributions to the fiscus will be recognised through taxes.

Gambiza listed four critical success factors underpinning the partnership search:

  1. Existence of geological potential – Confirmed by high-quality chrome reserves (38% minimum Cr₂O₃, compared to South Africa’s lower 30s) and investor acceptance of desktop study estimates.
  2. Attractive regulatory and fiscal frameworks, supported by policy consistency which will serve as guarantees to investors.
  3. Favourable social and economic environment.
  4. Robust plans for energy generation and transmission, and affordable power to support beneficiation.

He confirmed that a term sheet with balanced terms for both the company and investors was circulated in late 2025, and submissions have since been received.

“The received submissions are currently going through review by the Mutapa Investment Fund before an adjudication exercise is undertaken to select the final partner for the development of Mutapa Base Metals’ chrome assets,” he said.

The selected partner will make an equity investment while also providing funding for exploration, feasibility studies, construction of beneficiation capacity, and an energy solution to power the smelter. In return, the partner will enjoy exclusive offtake rights for the mineral products.

The partnership search represents a fundamental strategic pivot. Gambiza confirmed that Mutapa Base Metals is moving “away from a value chain that is currently focused on direct export of unbeneficiated chrome to align the ore to infrastructure such as smelters.”

This is the ultimate objective of local beneficiation before stainless steel production, “the final leg of value addition in destination markets.”

The forecast is to produce around 120,000 metric tonnes of high-carbon ferrochrome per annum, generating revenue close to US$180 million in the initial phase, with later scale-up to satisfy growing demand in line with other fundamentals supporting such growth, including firm power supply and appropriate pricing mechanisms.

For investors willing to meet these terms, Gambiza’s message was clear: the geological foundation is proven—with grades that outcompete regional rivals—the fiscal framework is settled, the production ramp-up is underway, and the partnership window is open.

Mutapa Gold Targets Nearly 10 Tonnes Per Annum, Plans US$150 Million Shamva Expansion to Triple Group Output

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Mutapa Gold Targets Nearly 10 Tonnes Per Annum, Plans US$150 Million Shamva Expansion to Triple Group Output

CAPE TOWN – Mutapa Gold Resources is embarking on an ambitious, multi-phased expansion programme aimed at tripling its consolidated gold production to over 300,000 ounces per annum—nearly 10 tonnes—within the next three to four years, anchored by a US$150 million redevelopment of Shamva Mining Company and a parallel expansion at Jena Mine.

By Rudairo Mapuranga

Speaking at the Mutapa Investment Fund symposium on the sidelines of the Investing in African Mining Indaba, Mutapa Gold Resources CEO Trevor Barnard provided a detailed breakdown of the state-owned gold vehicle’s project pipeline, clarifying the distinct funding requirements and production targets for each asset in its portfolio.

Barnard confirmed that the US$150 million funding requirement is specifically allocated to Shamva Mining Company, where Mutapa plans to transform the operation into a large-scale, open-cast, low-cost gold producer.

“That would give us a gold production of around 170,000 ounces per annum and a throughput of about 2.5 million tonnes per annum,” Barnard stated. He emphasised that the mine is being designed to sit in the lower quartile of the global cost curve, ensuring resilience against future gold price corrections.

“We don’t expect the gold price to stay at the high levels that it is currently, so we need to prepare ourselves for those days when we also have lower prices,” he said. This philosophy of designing for long-term viability, rather than short-term price peaks, underpins Mutapa Gold’s entire expansion strategy.

Turning to Jena Mine, Barnard outlined a separate but concurrent growth trajectory. Currently producing approximately 30 kilograms of gold per month, Jena is operating well below its geological potential. Mutapa plans to install a completely new processing plant and transition the operation to open-cast mining.

“We’re fortunate that Jena is quite a high-grade mine. We’ve got grades there of about 2.5 grammes per tonne,” Barnard said. “If you open-cast that pipeline, you’re going to be producing at a pretty low cost and producing significant volume.”

The expanded Jena operation is expected to contribute around 80,000 ounces per annum, adding substantial weight to Mutapa Gold’s consolidated production profile.

Freda Rebecca: The Production Anchor

While not the subject of immediate major expansion announcements, Freda Rebecca remains the flagship asset within Mutapa Gold Resources, currently producing approximately 220 kilograms of gold per month. This strong baseline production, equivalent to roughly 85,000 ounces per annum, provides the cash flow and operational stability that enable the group to pursue its ambitious growth agenda across other assets.

Barnard confirmed that Elvington Mine in Chegutu represents the third wave of Mutapa Gold’s development pipeline, following the successful execution of Shamva and Jena.

“We’re operating on the basis of a contract mining agreement where we’re supporting the artisanal miners that are there at the moment,” Barnard explained, describing an interim model where gold is split equitably between Mutapa, the artisanal miners, and the processor, with all sales channelled through Fidelity.

This pragmatic approach formalises activity, generates immediate revenue, and secures Mutapa’s social licence while de-risking the site ahead of major capital deployment. The long-term vision is to access the main resource sitting underground, beyond the reach of current artisanal operations.

Barnard clarified the sequencing: “Our project pipeline is first of all Shamva. As soon as Shamva is well under way, then we’ll follow up with the development of Jena. Those two will run to an extent concurrently, and then once those are operational, it’s then to take the next step and develop Elvington to its full extent.”

When combined, Mutapa Gold Resources’ current production base—anchored by Freda Rebecca—plus the targeted expansions at Shamva and Jena position the group to triple its total gold output from approximately 115,000 ounces per annum to over 300,000 ounces (approximately 9.6 tonnes) within three to four years.

“And if you put all of that together with our current production, we are planning to triple our current gold production in the next three to four years, which would be taking us from our current around 115,000 ounces per annum to over 300,000 ounces per annum,” Barnard confirmed.

Beyond this horizon, he indicated that Mutapa Gold intends to continue developing its remaining tenements, projecting sustained growth over the next five to ten years.

Throughout the presentation, Barnard stressed that implementation will prioritise Zimbabwean capacity.

“The skills are definitely available. As you could hear from my previous discussions around the different projects, our implementation model is really to develop large-scale, low-cost mines,” he said.

He emphasised support for local contractors and suppliers, noting that the competencies required to execute these projects exist within Zimbabwe’s mining industry.

“We’re really excited about the future of the gold company, and the only thing that I can leave you with is watch this space,” Barnard concluded.

“Africa Will Either Supply the Transition or Co-Own It”: Minister Kambamura Makes Powerful Case for Value Addition Financing

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“Africa Will Either Supply the Transition or Co-Own It”: Minister Kambamura Makes Powerful Case for Value Addition Financing

CAPE TOWN – In a stirring address that framed the continent’s critical minerals endowment as both a responsibility and an opportunity, Zimbabwe’s Minister of Mines and Mining Development, Hon. Dr Polite Kambamura, has challenged Africa to move decisively from being a raw material supplier to a co-owner of the global energy transition, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking at the Sustainable Energy for All roundtable on Financing Value Addition in Africa, held on the sidelines of the Investing in African Mining Indaba, the Minister delivered an unvarnished assessment of the continent’s position in global value chains and a clear prescription for change.

“The reality is that there is no global energy transition without African minerals,” Kambamura stated. “The question is whether Africa will simply supply the transition—or co-own it.”

The Minister painted a sobering statistical picture of Africa’s underweight position in global trade. Drawing from UNCTAD data, he noted that while Africa’s population share is rising to approximately 16% of the world’s total, the continent accounts for less than 3% of world trade as of 2024.

“The gist of the lesson is very clear: Africa is a major future market but still sits too low in global trade and value chains,” he said.

Yet he pointed to green shoots of recovery. FDI inflows to Africa jumped 75% to US$97 billion in 2024, representing about 6% of global FDI. “Again, the message is very clear: Africa is investable,” Kambamura asserted. However, he cautioned that investment patterns remain “heavily concentrated on specific projects and remain deal-driven,” calling for the deepening of “repeatable value-adding pipelines, not celebrating one-offs.”

“The central constraint we must confront is finance—not just the availability of capital, but the right kind of capital, deployed at the right stages of the value chain and aligned with national and regional industrial policies,” he explained.

From early-stage exploration to processing facilities, manufacturing plants, and enabling infrastructure, Dr. Kambamura argued that each segment of the mining value chain “requires tailored financing solutions and risk-sharing mechanisms.”

In a departure from conventional narratives that look exclusively outward for capital, the Minister spotlighted two largely untapped domestic sources:

Remittances: Citing World Bank estimates, he noted that Sub-Saharan Africa remittances reached US$56 billion in 2024. “The good news is that these remittances are not charity; they are patient capital,” Kambamura said. He urged the conversion of these flows into savings, mortgages, mining project value chain finance, and infrastructure funding.

African Sovereign Wealth Funds: While GlobalSWF reports that African state-owned institutions manage nearly US$1 trillion in assets, African sovereign wealth funds account for only 1% of global SWF assets. “The key message is that Africa has meaningful domestic pools—in the form of pensions, central banks, and SWFs,” he stated. “The opportunity is to mobilise them into the development of mining value chains, infrastructure, trade finance, and industrial capacity—with proper risk instruments.”

For Zimbabwe, the Minister positioned these continental ambitions within ongoing domestic reforms. “We are implementing deliberate policy reforms to promote local beneficiation, value addition, and investment in downstream industries, while strengthening transparency, governance, and sustainability,” he said.

He acknowledged that unlocking these opportunities at scale “demands closer collaboration between governments, development finance institutions, export credit agencies, and private investors.” Blended finance, catalytic capital, and de-risking instruments, he argued, “must move from theory into practice.”

The roundtable, convened by Sustainable Energy for All, the Council for Critical Minerals Development in the Global South, and UNIDO’s Global Alliance for Responsible and Green Minerals, provided a platform to interrogate framework conditions that attract long-term investment.

Kambamura urged participants to remain focused on practical outcomes: “how we mobilise capital, how we align finance with industrial policy, and how we ensure that Africa emerges not as a peripheral player, but as a competitive and indispensable partner in global clean energy supply chains.”

His closing message was both a challenge and an invitation: to translate Africa’s mineral wealth into jobs, industries, and shared prosperity—not as a passive supplier, but as an equal architect of the green energy future.

Mining Zimbabwe Distributes Edition 85 at Mining Indaba 2026

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Mining Zimbabwe Distributes Edition 85 at Mining Indaba 2026

CAPE TOWN – Mining Zimbabwe made a strong impression at the Investing in African Mining Indaba 2026 after successfully distributing Edition 85 of its flagship publication to delegates from across the globe.

The latest edition was circulated during one of Africa’s most influential mining gatherings, ensuring Zimbabwe’s mining narrative was positioned directly before international investors, policymakers, mining executives, and service providers gathered in Cape Town.

Edition 85 carries in-depth coverage of Zimbabwe’s evolving mining policy landscape, investment opportunities, current projects, exploration prospects, and sector performance, reinforcing Mining Zimbabwe’s role as a leading voice in the country’s extractives industry.

The distribution formed part of a broader strategic push to elevate Zimbabwe’s mining brand on the global stage, aligning with ongoing efforts by both government and private sector players to attract foreign direct investment into the sector.

Speaking on the sidelines of Indaba, Timelison Media Managing Director Keith Sungiso said the platform remains committed to ensuring Zimbabwe’s mining story is told accurately and competitively in international markets.

“Mining Indaba is where capital meets opportunity. As Mining Zimbabwe, our responsibility is to ensure that Zimbabwe’s mining reality, reforms, and investment potential are visible in those rooms,” said Sungiso.

“Edition 85 is not just a magazine; it is a strategic communication tool. We are deliberate about positioning Zimbabwe as a serious mining jurisdiction with real projects, real production, and real opportunity.”

Sungiso also emphasised the significance of the publication’s formal role at the event.

“As a media partner of Mining Indaba, we are not just observers — we are active participants in shaping the African mining conversation. Our partnership allows us to amplify Zimbabwe’s voice within a global investment community and connect our local industry to international capital and innovation.”

Delegates at the Zimbabwe pavilion and across various networking events welcomed the publication, with many acknowledging the importance of credible, sector-focused media (also known as trade publications) in bridging information gaps between investors and on-the-ground operators.

Over the years, Mining Zimbabwe has consistently used the Indaba platform to expand its regional footprint, strengthen media partnerships, and deepen engagement with international stakeholders. The distribution of Edition 85 continues that trajectory, reinforcing the publication’s growing influence beyond Zimbabwe’s borders.

As global capital becomes increasingly selective, platforms that provide verified insights, policy clarity, and operational updates are becoming critical in shaping investment decisions. Through its presence at Mining Indaba 2026, Mining Zimbabwe once again demonstrated that everything mining is its business — and that Zimbabwe’s mining story is firmly part of the continental conversation.

Gold buying prices in Zimbabwe per gram/ ounce, 11 February 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 11 February 2026

Gold buying prices in Zimbabwe per gram/ ounce, 11 February 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

Here you go — converted neatly into USD per troy ounce (oz) using 1 oz = 31.1035 g.

CategoryPrice ($/g)Price ($/oz)
SG 90% and above153.234,766.29
SG 85% and above but below 90%151.614,715.91
SG 80% and above but below 85%149.984,665.21
SG 75% and above but below 80%148.364,614.83
Sample 5g and above but below 10g145.934,539.25
Fire Assay CASH154.044,791.48

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

Indigenisation Not Synonymous With Compulsory Equity – Government Clarifies

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Indigenisation Not Synonymous With Compulsory Equity – Government Clarifies

CAPE TOWN — In an effort to demystify one of the most debated aspects of Zimbabwe’s investment policy, the government has provided fresh clarity on its indigenisation framework, assuring miners it prioritises partnership over prescriptive ownership, Mining Zimbabwe can report.

By Rudairo Mapuranga

The Permanent Secretary for the Ministry of Mines and Mining Development, Mr Pfungwa Kunaka, delivering a speech on behalf of the Minister, Hon. Dr Polite Kambamura, at the Zimbabwe Mining Breakfast in Cape Town, directly addressed investor concerns by redefining the policy’s core objective.

“It is vital to remember that the mining industry is so critical that nations in Africa, Latin America, Europe, and Asia have their own versions of indigenisation — what differs is just the terminology used and the stipulated thresholds,” Kunaka stated, reading the Minister’s speech.

He moved to dispel long-held apprehensions by explicitly separating the policy from mandatory shareholding demands.

“In Zimbabwe, indigenisation is not synonymous with compulsory equity thresholds,” he declared.

The Minister’s speech outlined a broader, more flexible vision for economic empowerment, aligning it with global norms of local content and development.

“Our empowerment framework is broad-based and outcome-focused,” he explained. “It encompasses local procurement that supports Zimbabwean suppliers and enterprises, beneficiation and value addition that create jobs and industrial linkages, skills development and employment that build local technical and managerial capacity, and community development through investment in host communities.”

On the specific issue of equity, which has been a primary source of investor uncertainty, the Minister offered a clear, conciliatory position.

“Equity participation is one component of this framework, but it is applied flexibly and through mutual agreement,” he said. “The emphasis is on genuine partnership rather than rigid formulas.”

This clarification signifies the substantial evolution of Zimbabwe’s empowerment policy. The original Indigenisation and Economic Empowerment Act, enacted in 2008, once mandated that all businesses, including mines, be 51% owned by indigenous Zimbabweans. This prescriptive approach was a significant deterrent to foreign investment.

The policy was significantly amended, most notably through the 2022 Finance Act, which repealed the 51/49% indigenous ownership requirement for most sectors of the economy. For the mining sector, the law now reserves specific minerals for empowerment partners: diamonds are exclusively mined through joint ventures with the state, while platinum projects require a 15% non-contributory shareholding for designated entities. Crucially, for all other minerals, including gold, lithium, and copper, foreign investors are permitted 100% ownership, a point the Minister reaffirmed in his address.

The move away from rigid equity mandates aligns with a global shift where a miner’s “social licence to operate” is increasingly built on Environmental, Social, and Governance (ESG) performance and responsible sourcing, not just ownership structures. The Minister’s redefinition of indigenisation to focus on “community development,” “skills development,” and “local procurement” directly mirrors the “S” and “G” in ESG frameworks.

This modern approach positions Zimbabwe to attract capital from international funds mandating strong ESG compliance. It signals that the government seeks investors committed to responsible mining — creating shared value, upholding environmental stewardship, and investing in host communities — as the foundation for long-term partnership and national benefit.

Fidelity Gold Refinery (FGR) Adopts Live Global Pricing

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Fidelity Gold Refinery (FGR) Adopts Live Global Pricing

In a significant move set to enhance competitiveness and transparency, Fidelity Gold Refinery (FGR) has announced an immediate shift to live market spot prices for all its gold purchases and settlements, Mining Zimbabwe can report.

By Rudairo Mapuranga

A key update to this new pricing structure is the method for setting the daily fixed price. Previously benchmarked against the previous day’s closing price, FGR will now set its daily fixed price using a live morning benchmark. This crucial change ensures the starting point for the day’s trading is more responsive to real-time overnight global market movements, giving producers a fairer and more current valuation from the market’s opening.

The change is designed to ensure that Zimbabwean gold producers, from large-scale operations to artisanal miners, receive the most current value for their deliveries, directly aligned with volatile international markets.

The announcement comes at a pivotal moment in the global precious metals landscape.

Gold prices have quadrupled in the past decade, recently hitting an all-time high near $5,600 per ounce in January 2026 before experiencing significant volatility. This environment underscores the critical importance of a responsive and transparent pricing mechanism for producers.

In its press release, FGR stated the update is part of its “ongoing commitment to providing the most competitive and transparent gold trading in Zimbabwe.” By transitioning its primary pricing reference to live spot prices, the refinery ensures its partners benefit from real-time market movements.

“This shift ensures that our valued partners… receive the most current value for gold deliveries. Our pricing remains accessible and verifiable, aligned with international trading standards,” FGR noted.

This modernized approach is crucial because, as financial experts explain, the gold spot price—the current market price for immediate delivery—changes every 15 seconds. It is influenced by a complex matrix of factors, including supply and demand, geopolitical tensions, currency movements (especially the US dollar), and high-frequency trading activity.

The global gold market has recently demonstrated extreme volatility. Analysts have observed unprecedented swings, with one report highlighting a staggering “$3+ trillion wiped out from gold and silver in minutes” following record highs. While attributed by many to profit-taking and speculative trading, such events highlight the market’s sensitivity and the need for local sellers to have clear, real-time pricing benchmarks. Benchmarking the daily price to the live morning market specifically addresses this, ensuring the fixed price reflects the most immediate market conditions.

For miners, understanding how their gold is valued is key. The value is determined by two core factors: weight (measured in troy ounces, where 1 oz t = 31.1035 grams) and purity (measured in karats, with 24K being pure gold). FGR’s adoption of a live morning benchmark for its daily fixed price means the base value of their product will now reflect the exact price at the day’s outset, as traded on global exchanges, before refinery premiums and costs are applied.

The move is widely seen as a positive step toward modernizing Zimbabwe’s gold trading ecosystem. By directly linking the daily fixed price to a live morning global benchmark, FGR reduces potential informational gaps and builds trust with producers. This fair and efficient pricing model can incentivize production and formalization within the sector, a cornerstone of the national economy.

“Our goal remains to ensure that the Zimbabwean gold industry thrives through fair, efficient, and modern trading practices,” FGR’s statement concluded.

For Zimbabwean miners, the change simplifies and modernizes the valuation process. The fixed daily price they receive will now be pegged to a more timely and verifiable international standard, set using live morning data rather than yesterday’s close.

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