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Mining Sector Spurs Trade Surplus to US$90 Million

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Mining Sector Spurs Trade Surplus to US$90 Million

Zimbabwe’s external trade position strengthened sharply in November 2025, with mining once again setting the pace as the country recorded a goods trade surplus of US$90,5 million, more than triple the US$28,7 million posted in October, Mining Zimbabwe can report.

By Ryan Chigoche

Latest data from the Zimbabwe National Statistics Agency (ZimStat) shows that mineral exports, led by gold and nickel products, provided a steady stream of foreign currency, while a slowdown in imports widened the surplus.

Exports edged up to US$1,046 billion from US$1,042 billion in October.

Although growth was modest, the export mix remained firmly tilted towards minerals and agriculture, helping cushion the economy against external pressures.

The bigger shift came from the import side. Imports fell 5,7 per cent to US$955,8 million, down from US$1,013 billion in October, easing pressure on the trade account and allowing the surplus to widen significantly.

Gold remained the backbone of export earnings, accounting for 42,4 per cent of total exports in November.

Tobacco followed with a strong 23,7 per cent contribution, reflecting agriculture’s continued role in foreign currency generation, while nickel mattes added a further 17 per cent.

Beyond the top earners, exports also included ferro-chromium, chromium ores and concentrates, coke and semi-coke of coal, nickel ores and concentrates, and non-alloy pig iron, underscoring the depth of mining activity feeding into export performance.

Overall, industrial supplies—largely mining-related products—accounted for 95,8 per cent of total exports by broad economic category, highlighting the sector’s dominance in Zimbabwe’s trade structure.

On the market front, the United Arab Emirates emerged as the single largest destination for Zimbabwean exports, absorbing 44,4 per cent of total shipments, mainly driven by gold. South Africa and China followed with 21,8 per cent and 21,2 per cent respectively, with the top five markets accounting for nearly 90 per cent of export earnings.

Regional trade also remained important. Exports into the Southern African Development Community (SADC) and under the African Continental Free Trade Area (AfCFTA) were largely driven by mineral products, particularly nickel mattes.

Imports during the month were dominated by industrial supplies, which accounted for 39,5 per cent of the total.

Fuels and lubricants followed at 19,2 per cent, while capital goods excluding transport equipment made up 17,1 per cent. Food and beverages accounted for 10,7 per cent, reflecting ongoing demand from the agriculture and household sectors.

Major imports included mineral fuels, machinery and mechanical equipment, cereals, and fertilisers, highlighting Zimbabwe’s reliance on external markets for energy, productive inputs, and food support.

South Africa remained the country’s largest source of imports, accounting for 39,2 per cent of the total bill, followed by China at 15,8 per cent. The Bahamas and Bahrain also featured among the top suppliers, with the leading four countries contributing close to 70 per cent of total imports.

The strong November performance is expected to support foreign currency availability and provide some relief on the balance of payments.

However, analysts caution that sustaining the surplus will require continued momentum in mining, stronger value addition, and a broader export base that brings agriculture and manufacturing more firmly into the mix as Zimbabwe heads into 2026.

Gold buying prices in Zimbabwe per gram/ ounce, 13 January 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 13 January 2026

Gold buying prices in Zimbabwe per gram/ ounce, 13 January 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above140.154,359.16
SG 85% and above but below 90%138.664,312.81
SG 80% and above but below 85%137.184,266.78
SG 75% and above but below 80%135.704,220.74
Sample 5g and above but below 10g133.474,151.38
Fire Assay CASH140.894,382.17

 

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.

Kuvimba Delivers 3.61 Tonnes as Zimbabwe Hits Record Gold Output

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Kuvimba Delivers 3.61 Tonnes as Zimbabwe Hits Record Gold Output

Kuvimba Mining House (KMH), operating under the state-owned Mutapa Investment Fund’s Mining Cluster, produced 3.61 tonnes of gold in the year ended 31 March 2025 a 11 per cent increase year-on-year—according to the Fund’s inaugural financial report.

By Ryan Chigoche

This growth came during a record year for Zimbabwe’s gold industry. National gold output reached 36.48 tonnes in 2024, representing a 21 per cent increase from the previous year.

Within this total, KMH delivered approximately 3.2 tonnes to Fidelity Gold Refinery (FGR), accounting for about 8.8 per cent of national deliveries.

The increase in KMH’s production was supported by sustained capital investment in mine expansions, optimisation of existing operations, and tighter operational discipline across its gold assets, allowing the company to lift output despite a challenging operating environment.

Beyond gold, KMH operates across four commodity clusters: Gold, Energy Minerals, Platinum Group Metals, and Bulk Commodities.

During the period under review, gold remained a stabilising element within the Mutapa Investment Fund Mining Cluster, helping to support overall performance as other commodities faced market and operational pressures.

Building on this performance, the Fund’s report indicates that KMH will focus on deepening operational efficiency while expanding its resource base. Exploration programmes will target both new discoveries and extensions to existing mines, alongside the advancement of several capital projects already in the development pipeline.

To support this growth, KMH plans to mobilise approximately US$950 million to scale operations across gold, lithium, platinum, and chrome.

In parallel, the company is assessing alternative energy solutions, including solar power, aimed at improving energy security and strengthening operational resilience.

Progress was also recorded across other assets within the Mining Cluster. The Zimbabwe Consolidated Diamond Company reported a 12.5 per cent increase in diamond output and a 32.8 per cent rise in diamond sales, reflecting improved operational performance.

At Kamativi Tin Mines, lithium production commenced through Kamativi Mining Company following the commissioning of phases one and two of its processing plants.

Meanwhile, Hwange Colliery Company Limited remained under judicial management during the year but showed early signs of recovery, supported by improving domestic and regional demand for coal.

How Zimbabwean Companies Can Attract International Partners at Mining Indaba

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How Zimbabwean Companies Can Attract International Partners at Mining Indaba

As global demand for minerals critical to industrialisation, energy transition and infrastructure continues to rise, Mining Indaba has emerged as a key gateway for Zimbabwean companies seeking to connect with international investors, financiers and strategic partners.

Held annually in Cape Town, Mining Indaba brings together mining executives, junior explorers, equipment manufacturers, development finance institutions, private equity firms and government representatives from across the world. For Zimbabwean companies, the platform offers a rare opportunity to move beyond local networks and position their projects, services and capabilities on a global stage.

Industry analysts say that attracting international partners at Mining Indaba requires more than simply attending the event. Preparation, visibility, clear value propositions and strategic engagement are critical.

Zimbabwean mining companies are increasingly being urged to attend the Mining Indaba with well-defined investment-ready projects. This includes up-to-date geological data, clear production plans, realistic capital requirements and transparent governance structures. International investors, particularly institutional funds and development financiers, are drawn to projects that demonstrate technical credibility, regulatory clarity and long-term sustainability.

Beyond mining projects, service providers and suppliers from Zimbabwe are also finding opportunities at Mining Indaba. Engineering firms, drilling contractors, logistics companies, environmental consultants and financial service providers can leverage the event to secure cross-border partnerships, technology transfer arrangements and regional contracts. Positioning local expertise as exportable services is becoming an important strategy for companies looking to diversify revenue streams.

Brand visibility also plays a decisive role. Companies that advertise in trade publications like Mining Zimbabwe, actively participate in panel discussions, networking sessions and media engagements are more likely to attract interest than those who remain passive attendees.

Publications such as Mining Zimbabwe provide a premium platform for companies to amplify their presence by showcasing success stories, investment opportunities and sector developments to an international audience.

Engagement with policymakers and regulators is another critical advantage of Mining Indaba. The event creates space for dialogue between governments and the private sector, allowing Zimbabwean companies to align their investment narratives with national development priorities, mining reforms and Vision 2030 objectives. This alignment is increasingly important to international partners who prioritise policy stability and long-term economic impact.

Financial institutions attending Mining Indaba are also playing a growing role in facilitating partnerships. Development finance institutions, export credit agencies and commercial banks are actively seeking bankable projects across Africa. Zimbabwean companies that understand funding structures, risk-sharing mechanisms and blended finance models are better positioned to convert conversations into tangible deals.

As competition for global capital intensifies, the importance of collective national representation cannot be overstated. A strong Zimbabwean presence at Mining Indaba sends a clear signal of confidence, readiness and unity to the international market. It reinforces the message that Zimbabwe is open for business, not only as a destination for investment, but also as a source of capable partners.

Ultimately, Mining Indaba offers Zimbabwean companies a bridge from local operations to global partnerships. Those that approach the platform with preparation, clarity and strategic intent stand to unlock new capital, technology and markets—positioning Zimbabwe’s mining sector for sustained growth in an increasingly interconnected global economy.

ASM Sets Audacious 40-Tonne Gold Target for 2026

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ASM Sets Audacious 40-Tonne Gold Target for 2026

Following a year of record-shattering performance, Ms Henrietta Rushwaya, the President of the Zimbabwe Miners Federation (ZMF), has announced that the Artisanal and Small-Scale Mining (ASM) sector is targeting a monumental 40 tonnes of gold deliveries to the country’s sole buyer and exporter, Fidelity Gold Refinery (FGR), in 2026, Mining Zimbabwe can report.

By Rudairo Mapuranga

This bold vision is built upon the bedrock of 2025’s transformative results, where ASM deliveries surged by 46.9% to reach 34,875.10 kg, a figure that came remarkably close to the entire national industry’s total output for 2024.

The just-released final data for 2025 reveals a national annual delivery of 46,729.06 kg, a 28.1% increase, decisively smashing the 40-tonne target. The ASM sector was the undisputed engine of this growth, contributing nearly 75% of the total and propelling Zimbabwe’s gold sector to unprecedented heights.

Announcing the ambitious new goal, Ms Rushwaya highlighted strategic reinvestment by miners as the key to future growth.

“The favourable conditions this past year were not just for immediate gain; they were a seed for the future,” she stated. “We have consistently encouraged our miners to plough their earnings back into the growth and development of their operations, to invest in better equipment, explore new trenches, and adopt technologies that allow them to mine lower grades efficiently. This culture of reinvestment is what transforms short-term success into long-term, sustainable production. It is this empowered, forward-looking mindset that makes the 40-tonne target not just possible, but inevitable.”

The staggering growth has transformed the 40-tonne ambition from a bold prediction into a credible national mission, attracting strong political endorsement.

From the halls of Parliament, Hon. Jonah Nyevera of the Portfolio Committee on Mines and Mining Development pledged legislative support, directly linking the sector’s ambition to the national vision.

“The ASM sector’s 2025 performance is a clear indicator that we are on the correct path to achieve His Excellency President Mnangagwa’s 2030 vision,” Hon. Nyevera said. “Their success is national success. Parliament’s role is to ensure this momentum is not only maintained but accelerated. We will work tirelessly to refine policies and pass legislation that provides unwavering support to this sector, ensuring its growth directly contributes to our national goal of becoming an empowered and prosperous upper-middle-income economy.”

Mr Dru Edmund Kucherera, Vice President of Miners for Economic Development, framed the target as a political imperative.

“Last year’s figures are not just statistics; they are a mandate from the people,” Kucherera stated. “When artisanal miners, once operating on the margins, deliver growth of nearly 50% and bring us to the cusp of 35 tonnes, they are demonstrating the tangible power of President Mnangagwa’s philosophy—Nyika inovakwa nevene vayo. This 40-tonne target for 2026 is the next logical step in our people-led journey to an upper-middle-income economy by 2030. The state has created the space, and the people are delivering beyond expectation.”

Analysts point to a winning combination of market dynamics and smart policy as the catalyst for 2025’s success and the foundation for 2026. Fidelity Gold Refinery’s (FGR) consistent competitive pricing, coupled with the 100% foreign currency retention policy for ASM producers, created a virtuous cycle of formalisation and reinvestment.

“The 46.9% growth is a direct economic response to a fair and profitable system,” explained Wayne Mudamburi, President of the Association of Junior Mining Professionals of Zimbabwe (AJMPZ). “FGR’s pricing gives miners immediate value, and the forex retention allows them to convert earnings into better equipment, mine development, and improved recovery methods. The spectacular 20% month-on-month jump in ASM deliveries from November to December 2025 is proof of this accelerating reinvestment cycle. If these conditions hold, the sector’s trajectory suggests the 40-tonne target is an ambitious yet entirely logical progression.”

With the official 2025 data confirming a historic transformation, the ZMF’s 2026 target sets a new horizon for a sector that has proven its capacity to redefine what is possible for Zimbabwe’s economy.

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

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

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

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above135.534,215.46
SG 85% and above but below 90%135.084,201.46
SG 80% and above but below 85%133.644,156.67
SG 75% and above but below 80%132.194,111.57
Sample 5g and above but below 10g130.034,044.39
Fire Assay CASH137.254,268.96

 

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.

MIF Targets US$10 Billion to Restructure SOEs and Boost the Mining and Energy Sectors

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MIF Targets US$10 Billion to Restructure SOEs and Boost the Mining and Energy Sectors

The Mutapa Investment Fund (MIF) is seeking more than US$10 billion to expand operations across its portfolio as it steps up efforts to turn State-Owned Enterprises (SOEs) into commercially sustainable businesses, Mining Zimbabwe reports.

By Ryan Chigoche

Within its mining portfolio, Mutapa controls Kuvimba Mining House, Hwange Colliery Company and Delford Mine, which together form the backbone of its extractive sector investments.

The capital-raising programme is focused on infrastructure refurbishment, capital expansion and recapitalisation.

In its annual report released last week, Mutapa said total funding needs exceed US$10 billion, with resources being sourced through various strategic avenues.

“Total funding requirements exceed US$10bn, with approximately US$1bn raised to date for portfolio companies. Funding sources include debt, equity, public-private partnerships (PPPs), and joint ventures with development finance institutions, banks, and private investors,” read the report.

The Fund said the strategy is designed to drive modernisation, strengthen operations and promote sustainable growth across all sectors.

During 2024, MIF’s investment team, working alongside its portfolio companies, put together a pipeline of significant transactions, particularly in energy, minerals and infrastructure.

The period was marked by projects with substantial scale and national economic impact.

A key project was the US$455 million Jindal Refurbish, Operate and Transfer initiative for Hwange Power Station Units 1 to 6, which has moved into execution. The project is expected to stabilise Zimbabwe’s baseload electricity supply.

Progress was also made in transmission, with the commissioning of the Alaska–Karoi 132kV line and the Kamativi/Dinson 88kV substations and transmission lines, improving bulk power transfer and overall grid stability.

On the generation side, the energy mix was diversified through the integration of industrial captive power and renewable energy sources.

Other matured transactions included the recapitalisation of the National Railways of Zimbabwe with Afreximbank support, upgrades to NOIC storage and pipeline facilities funded from internally generated resources, LPG infrastructure expansion, and an upgrade of the Feruka pipeline to a capacity of three billion litres per year.

Lines of credit were also extended to POSB, AFC and Petrotrade.

The mineral resources portfolio saw several high-value projects at various stages of development. Additional mining and infrastructure projects continue through due diligence.

The overall pipeline demonstrates a focus on value-chain restructuring, resource-backed financing and infrastructure modernisation, positioning the Fund to deliver long-term value across its holdings.

While Mutapa has made progress in stabilising its portfolio, it acknowledges ongoing challenges, including legacy debt, governance weaknesses and liquidity pressures at some companies.

The Fund said it is now prioritising execution, strengthening oversight, enforcing governance reforms, and driving value creation through targeted investments and strategic partnerships.

The Fund emphasised its commitment to contributing to Zimbabwe’s economic growth, fiscal stability and long-term development, with strong governance and accountability at the core of its operations.

Mutapa was established by an Act of Parliament in 2014 as the Sovereign Wealth Fund of Zimbabwe and was fully operationalised and renamed the Mutapa Investment Fund under Statutory Instrument 156 of 2023.

The restructuring transformed Mutapa into the government’s strategic investment arm through the transfer of 30 commercial SOEs from line ministries into its management.

The model was informed by research conducted by the State Enterprises Restructuring Agency, which aimed to improve SOE performance by cutting bureaucratic inefficiencies and strengthening governance through benchmarking against global sovereign wealth fund practices.

Gold buying prices in Zimbabwe per gram/ ounce, 9 January 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 9 January 2026

Gold buying prices in Zimbabwe per gram/ ounce, 9 January 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above134.574,185.39
SG 85% and above but below 90%133.154,141.22
SG 80% and above but below 85%131.724,096.75
SG 75% and above but below 80%130.304,052.59
Sample 5g and above but below 10g128.603,999.72
Fire Assay CASH135.284,207.47

 

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.

FGR Opens Mashava Buying Office, Boosting Local Miners and Championing Responsible Sourcing

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FGR Opens Mashava Buying Office, Boosting Local Miners and Championing Responsible Sourcing

In a significant development for the local mining community, Fidelity Gold Refinery (FGR) has established a new gold buying office at the ZB Bank branch within the Great Zimbabwe University campus in Mashava, Mining Zimbabwe can report.

By Rudairo Mapuranga

The strategic move brings the official national buyer directly to the doorstep of Mashava’s artisanal and small-scale miners (ASMs), promising instant cash payments and reinforcing critical responsible sourcing protocols.

While the immediate benefit is clear—convenience and instant liquidity for miners—the opening of this office carries profound importance for ethical and responsible mineral sourcing in Zimbabwe.

The choice of the Great Zimbabwe University campus is symbolic, linking the nation’s heritage with its economic future. It represents a partnership between the mining sector, financial institutions (ZB Bank), and academia. This model can facilitate knowledge sharing and community engagement around sustainable mining practices.

“This is more than just a buying point; it’s a commitment to the Mashava mining community,” said an industry observer. “By making the formal route the easiest and most rewarding option, FGR is incentivising responsible sourcing at the grassroots level, which is where it matters most.”

The opening comes at a time when the ASM sector’s contribution is recognised as the backbone of Zimbabwe’s gold output. Initiatives like the US$10 million facility to support small-scale miners with equipment, coupled with accessible buying centres, create a powerful ecosystem for growth and compliance.

Miners in Mashava and surrounding areas are encouraged to utilise the new office to ensure they receive fair value, contribute to the nation’s economic stability, and champion the integrity of Zimbabwe’s gold sector.

Spanish firm rolls in to anchor US$499m Karo Platinum development

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Spanish firm rolls in to anchor US$499m Karo Platinum development

Tharisa Plc has taken a decisive step toward advancing its long-delayed Karo Platinum Mine in Zimbabwe after awarding a key mining contract to Spanish engineering firm EPSA, effectively anchoring the US$499 million development as it moves toward construction and production, Mining Zimbabwe can report.

By Ryan Chigoche

EPSA is expected to mobilise to site this month following completion of the contracting process. Initial activities, including site establishment and workforce onboarding, are already underway.

Assembly of mining equipment is scheduled for January and February 2026, while waste stripping is expected to begin in the first quarter of 2026, marking the transition from preparatory work to active mine development.

The project, located on the Great Dyke, is now targeting first mining in 2027, with financial close expected to be achieved during 2026.

Development of the Karo project had previously stalled after a prolonged downturn in global platinum prices weakened project economics, forcing the company to slow execution and miss an earlier 2024 completion target.

Market conditions improved sharply in 2025, with platinum prices rebounding by about 45%, significantly strengthening the project’s funding outlook.

Karo says the recovery in basket prices has improved projected debt capacity and overall fundability, helping restore confidence among investors and lenders across the platinum group metals sector.

Construction activity on site continues to gain momentum. Progress is being recorded on critical infrastructure, including water and power supply, while milling equipment has already been installed, indicating the project has moved beyond early-stage development.

At the concentrator, civil works are ongoing across several areas of the site. Long-lead equipment has been delivered, and installation is underway.

The Chirundazi Dam, which will supply water to the mine, is currently 27% complete and is expected to be finished by June 2026. Structural steel works at the mill building are at an advanced stage, with 78% completed and full completion forecast for January 2026.

Power infrastructure is also taking shape. Construction of the 132kV overhead transmission line has reached 25%, with 28 of the planned 130 poles installed so far. The line is scheduled for completion in February 2026.

The medium-voltage building is 37% complete and expected to be finished by June 2026, while the low-voltage wet-end building has already been completed.

Alongside construction, Karo is finalising fiscal arrangements with its strategic partners and the Government of Zimbabwe, a process the company says is essential to securing bankable, long-term project financing. Investment in the project has so far reached approximately US$140 million.

Who is EPSA

EPSA Internacional S.A. is a Spanish multinational mining and earthmoving contractor founded in 1962, with more than six decades of experience delivering large-scale mining and civil works projects across multiple jurisdictions.

The company specialises in open-pit mining services, including drilling and blasting, load-and-haul operations, bulk earthworks, and equipment maintenance.

EPSA has an established track record in Africa, having been awarded major mining services contracts at projects such as Perseus Mining’s Yaouré gold mine and Tietto Minerals’ Abujar gold project in Côte d’Ivoire.

At these operations, the company was responsible for large-scale earthmoving and mining support works following competitive tender processes, underscoring its experience in developing greenfield and expanding mining operations.

The company operates across more than 15 countries globally and employs several thousand personnel, positioning it as a seasoned contractor capable of supporting complex, capital-intensive mining developments.

Once in operation, Karo is expected to produce about 226,000 ounces of platinum annually, which would make it Zimbabwe’s third-largest platinum producer after Zimplats and Unki Mine.

Under Zimbabwe’s mining policy framework, the government holds a 15% free-carried interest in the project, with an option to acquire an additional 11% stake, aligning state interests with the long-term performance of the mine.

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