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Strategic Conversations Zimbabwe Must Lead at Mining Indaba 2026

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Strategic Conversations Zimbabwe Must Lead at Mining Indaba 2026

Mining Indaba remains Africa’s premier platform for dialogue, dealmaking, and policy alignment in the global mining sector.

Kelvin Sungiso

For Zimbabwe, a country endowed with significant mineral resources and increasing relevance in the global critical minerals supply chain, the investment forum presents a pivotal opportunity. Beyond promotion, it offers a platform to reposition Zimbabwe as a stable, forward-looking, and investment-friendly mining destination anchored in sustainability and value addition.

Zimbabwe hosts substantial reserves of lithium, platinum group metals, gold, chrome, nickel, and other strategic minerals critical to global industrialisation and the energy transition. As demand accelerates for battery minerals and low-carbon technologies, investors are seeking jurisdictions that offer regulatory clarity, transparent governance, and responsible mining practices.

The investment indaba provides Zimbabwe with a global stage to articulate its mining vision, address legacy concerns, and demonstrate tangible progress in policy reform. Effective participation requires deliberate engagement in conversations that directly respond to investor expectations while aligning with national development objectives.

Zimbabwe’s delegation, led by the new Minister of Mines and Mining Development, Engineer Polite Kambamura, Fidelity Gold Refiners (FGR), the Minerals Marketing Corporation of Zimbabwe, the Chamber of Mines, and policymakers, must engage directly with international investors, legal experts, and investment promotion agencies to communicate progress on legislative reforms, licensing processes, and fiscal stability.

Key concerns to address include transparency in mineral rights allocation, consistency in taxation frameworks, and clear timelines for approvals. A credible narrative on reforms and dispute resolution mechanisms is essential to rebuilding investor confidence and reducing perceived country risk.

Zimbabwe’s lithium and rare earth endowment places it at the centre of the global energy transition. The investment conference offers an opportunity to shift conversations from raw mineral exports towards structured partnerships with battery manufacturers, electric vehicle (EV) supply chains, downstream processors and more.

Engagements should focus on offtake agreements, joint ventures, and investment incentives that promote local beneficiation and industrial development. By positioning itself as a reliable long-term supplier with value addition ambitions, Zimbabwe can secure sustainable investment while maximising economic returns.

The future of mining is technology-driven. Zimbabwe’s participation should include mining executives from key mining houses such as Zimbabwe Platinum Mines, Mimosa, Kuvimba Mining House, Namib, Caledonia Mining, and Dallaglio, among others; innovation stakeholders such as the Zimbabwe School of Mines, the Chamber of Mines, the Zimbabwe Miners Federation (ZMF), the University of Zimbabwe, and the National University of Science and Technology, among others; and technical experts engaging with technology providers and geoscience firms.

Discussions should explore digitalisation, automation, geospatial technologies, and skills development to improve productivity, safety, and competitiveness. Demonstrating openness to innovation signals readiness for modern, efficient, and sustainable mining operations.

A successful engagement requires a coordinated, multidisciplinary delegation comprising government leadership (Ministry of Finance, Ministry of Mines, Ministry of Environment, Ministry of Tourism), senior mining executives, regulatory and legal experts, ESG advisers, and investment promotion agencies such as ZIDA. Inclusion of finance and trade representatives further strengthens Zimbabwe’s ability to convert dialogue into bankable projects.

If approached strategically, the Indaba can yield concrete outcomes, new investment leads, strategic alliances in critical minerals, improved international perception, and stronger regional collaboration. Importantly, it offers Zimbabwe a chance to reposition its mining sector narrative from one defined by uncertainty to one anchored in reform, sustainability, and shared prosperity.

Mining Indaba 2026 is not merely a networking event for Zimbabwe; it is a strategic inflection point. Success will depend on the quality of conversations led, the credibility of commitments made, and the ability to translate engagement into long-term partnerships. By focusing on regulatory certainty, critical minerals strategy, sustainability, and innovation, Zimbabwe can lay the foundation for a resilient and globally competitive mining sector.

Caledonia Mining Welcomes Zimbabwe’s Revised Fiscal Terms, Sees No Financial Impact

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Caledonia Mining Welcomes Zimbabwe’s Revised Fiscal Terms, Sees No Financial Impact

Caledonia Mining Corporation Plc (NYSE American, AIM and VFEX: CMCL) has welcomed significant amendments to the country’s proposed 2026 National Budget, stating that the revised royalty and tax terms should result in no change to the financial outlook for its portfolio of assets in the country, Mining Zimbabwe can report.

By Rudairo Mapuranga

The announcement marks a positive resolution to concerns the company raised just weeks ago about proposals that threatened the profitability of its existing mine and a major future project.

Key Revisions to the Budget Proposals

On December 17, 2025, Zimbabwe’s Minister of Finance announced substantial modifications to the fiscal measures affecting gold miners. The changes directly address the three main concerns Caledonia had previously identified:

Royalty Rate Threshold Significantly Increased

Previous proposal: Increase the royalty rate from 5% to 10% when the gold price exceeds US$2,500 per ounce.

Revised proposal: The higher 10% rate will now only apply if the gold price exceeds US$5,000 per ounce.

Capital Expenditure Deduction Rule Maintained

A proposed change to spread tax deductions for capital projects over their lifetime, which would have impacted cash flow, has been withdrawn. The current 100% upfront deduction remains in place.

Withholding Tax on Offshore Loans Withdrawn

A proposed 15% withholding tax on interest for offshore loans has been withdrawn. Caledonia noted that this measure would have adversely affected its plans to fund the Bilboes Gold Project with offshore debt.

Caledonia’s Assessment and Leadership Commentary

The company stated that these revised proposals, which are expected to be enacted before year-end, “should result in no change in the financial outlook for Caledonia’s portfolio of assets in Zimbabwe, provided the gold price remains below US$5,000 per ounce”.

Mark Learmonth, Chief Executive Officer of Caledonia, commented on the government’s move:

“The 2026 National Budget of Zimbabwe is yet to be enacted into law. However, we welcome the revised provisions announced this week, which we believe demonstrate the Government of Zimbabwe’s support for the mining sector and the development of future mining projects in the country.”

This statement contrasts with the company’s tone on December 1, when it noted that the original proposals would lower profitability at its Blanket Mine and required an assessment of the impact on the Bilboes Gold Project.

The swift revision of the budget terms is seen as a constructive outcome of dialogue between the mining industry and the government. For Caledonia, it removes immediate fiscal uncertainty and supports the economics of its key growth project, Bilboes, which is poised to become one of Zimbabwe’s largest gold mines.

The company maintains a long-standing operating presence in Zimbabwe through its flagship Blanket Mine and continues to engage with local authorities.

WEMZ Awards to Honour Women Leading Sustainable Mining

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WEMZ Awards to Honour Women Leading Sustainable Mining

All is set for the second edition of the Women Empowerment in Mining Zimbabwe (WEMZ) Awards, taking place today, with the spotlight firmly on women who are driving change in Zimbabwe’s mining sector, particularly within small-to-medium-scale operations, Mining Zimbabwe reports.

By Ryan Chigoche

Held under the theme “Green horizons – empowered women building inclusive sustainable futures in mining,” the awards come at a time when women are increasingly visible in hands-on mining activities that sustain livelihoods and local economies.

Across artisanal, small and medium-scale mining, women are moving beyond survival mining into more organised, productive and environmentally responsible operations. This year’s ceremony is expected to recognise those efforts while pushing the conversation beyond recognition towards lasting empowerment.

According to the Intergovernmental Forum on Mining (IGF), women comprise roughly 30% to 50% of the global artisanal and small-scale mining (ASM) workforce, with higher representation in parts of Africa and variation by country and commodity. This makes the WEMZ Awards’ focus on grassroots mining particularly significant, highlighting Zimbabwean women who are shaping sustainable and inclusive mining practices at the local level.

“The WEMZ Awards, held under the banner ‘Green horizons – empowered women building inclusive sustainable futures in mining’, are more than praise; they are a roadmap. They spotlight women already shaping a cleaner, fairer mining sector and remind policymakers that the 2026 Budget and NDS 2 will only deliver inclusive growth if deliberate, gender-smart measures channel those national reforms directly into women’s hands,” WEMZ programmes coordinator Nakai Taderera told Mining Zimbabwe.

As women increasingly lead cooperatives, take on technical and operational responsibilities, invest in basic mineral processing and formalise their activities, public recognition through the awards, the association says, helps validate this progress while encouraging more women to scale up and operate sustainably.

Sustainability is a central pillar of this year’s awards.

The “Green horizons” focus highlights women who are adopting safer and cleaner mining practices, including land rehabilitation, improved waste management and reduced environmental harm.

WEMZ says these examples demonstrate that responsible mining is achievable even at smaller scales when women are supported with the right tools and policies.

As anticipation builds ahead of tomorrow’s ceremony, WEMZ says the awards are intended to send a clear message: empowering women in small- and medium-scale mining is essential to building a more inclusive, sustainable and resilient mining sector in Zimbabwe.

Gold buying prices in Zimbabwe per gram/ ounce, 19 December 2025

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Gold buying prices in Zimbabwe per gram/ ounce, 19 December 2025

Gold buying prices in Zimbabwe per gram/ ounce, 19 December 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above131.654,095.28
SG 85% and above but below 90%130.264,052.04
SG 80% and above but below 85%128.874,008.80
SG 75% and above but below 80%127.473,965.25
Sample 5g and above but below 10g125.383,900.23
Fire Assay CASH132.354,117.06

 

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.

Namib Steadies Operations, Cuts Costs as Expansion Plans Take Shape

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Namib Steadies Operations, Cuts Costs as Expansion Plans Take Shape

Nasdaq-listed gold miner Namib Minerals has reported improved operational consistency and meaningful cost reductions, marking a stabilisation phase that management says is strengthening the foundation for the company’s planned expansion and mine-restart programme in Zimbabwe, Mining Zimbabwe reports.

By Ryan Chigoche

In its latest operational update dated December 15, operational throughput was maintained over the past 30 days, pointing to steadier plant performance and more reliable mine execution.

At the same time, cost performance improved significantly, with on-mine all-in sustaining costs (AISC) declining by approximately 8% month-on-month to US$2,140 per ounce, while company-level AISC fell by around 11%, driven by sustained cost-control measures and tighter operational discipline.

Management said the current phase is deliberately focused on stability rather than production growth. Efforts have centred on predictable run rates, cash discipline, and consistent cost management measures that the company noted are already improving cost visibility and execution reliability across operations.

“Our priority has been to stabilise operations and establish predictable run rates,” said Ibrahima Tall, Chief Executive Officer. “The improvements we are seeing reflect disciplined execution and provide a foundation for further optimisation as we continue through this consistency phase.”

The focus on operational discipline has also delivered strong safety outcomes.

Over the three months ended November, no reportable lost-time injuries were recorded, reinforcing management’s view that consistency on the ground supports both productivity and workforce safety.

This stabilisation update comes as Namib advances a broader growth strategy previously outlined by the company.

As reported by Mining Zimbabwe in November, Namib plans a major expansion of ore-milling capacity at How Mine, targeting an increase from 40,500 tonnes per month in 2024 to 55,000 tonnes per month by 2026—a rise of approximately 36%—with commissioning scheduled for the second half of 2026.

The expansion is designed not only to lift processing volumes but also to offset the impact of declining grades, positioning How Mine for more efficient and resilient medium-term production once the current stabilisation phase is fully embedded.

In parallel, Namib is progressing with restart preparations at its Redwing and Mazowe assets.

Enabling works and surface infrastructure upgrades are underway, alongside detailed feasibility studies aimed at refining capital efficiency and restart sequencing.

WSP has been engaged to deliver S-K 1300-compliant feasibility studies for both mines, providing the technical backbone for future reserve conversion, permitting, and financing discussions.

Taken together, these initiatives support Namib’s longer-term ambition to evolve into a multi-asset, mid-tier gold producer. Management estimates total capital requirements for the broader expansion and restart programme at between US$300 million and US$400 million, with Redwing expected to account for the largest share.

For now, however, the company said its immediate priority remains operational consistency.

Namib indicated it will continue providing regular updates as it progresses through the stabilisation phase, noting that the improvements outlined in its December 15, 2025, update establish a more resilient operating base ahead of planned capacity expansion and mine restarts.

YMF Drives Formalization, Trains 500+ in 2025 as It Marks 15-Year Milestone

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YMF Drives Formalization, Trains 500+ in 2025 as It Marks 15-Year Milestone

The Young Miners Foundation (YMF), a pivotal force in Zimbabwe’s small-scale mining sector, is marking its 15th anniversary by highlighting a surge in technical training and formalisation efforts, with over 500 miners skilled in chrome and coal operations this year alone, Director Darel Mubu announced.

By Rudairo Mapuranga

Speaking at the foundation’s anniversary event, Mubu framed the milestone as a testament to “resilience—the spirit of never giving up,” underscoring a strategic shift from advocacy to hands-on capacity building. The foundation’s core mission, he stated, is to convert informal artisanal miners into recognised, technically proficient professionals.

Key Points:

  • YMF has trained over 500 miners in 2025 across the chrome and coal mining disciplines.
  • The foundation’s formalisation drive is leading to the registration of new mining companies, with four slated for incorporation in the coming weeks.
  • A partnership with the Minerals Marketing Corporation of Zimbabwe (MMCZ) is providing critical support for skills deployment.
  • Over 20 dedicated small-scale mining training sessions have been conducted since 2018.

“The formalisation that has been put in place to equip young miners who never knew that I could be getting a certificate today… I could be a technical person today. We all have that to celebrate,” Mubu told attendees. He emphasised that without such intervention and “financial intelligence,” young miners risked remaining “just a story in a book.”

The training addresses acute industry challenges, including safety hazards arising from inadequate mechanisation. “There are people that have got scars to prove that,” Mubu said, linking the skills transfer directly to reducing operational dangers and improving productivity.

Zimbabwe’s mining sector, a critical foreign currency earner, relies heavily on small-scale and artisanal miners, particularly in gold and chrome. However, informality, lack of capital, and technical gaps have historically limited their efficiency, safety, and profitability. YMF’s intervention targets these constraints directly.

The foundation’s model extends beyond pure technical skills. It incorporates business management, soft skills development in partnership with Junior Chamber International (JCI), and lobbying for favourable policies. This holistic approach aims to create sustainable mining enterprises that contribute to national economic goals.

“We are articulating a journey of resilience,” Mubu stated. “Utilising our resources for the economic benefit of this country.”

Acknowledging that the journey cannot be walked alone, Mubu highlighted partnerships as a key accelerant. The collaboration with MMCZ, a state-owned mineral marketing entity, provides a channel for trained miners to integrate into the formal market.

The focus now, Mubu stressed, is on execution. The foundation is leveraging its 15 years of experience to ensure skills translate into tangible businesses and community development.

“It is to leave an imprint, a footprint, that you are going to walk to your destination, to your provinces, to your communities,” he said.

The anniversary event culminated in a toast to the foundation’s legacy and future, signalling a continued push to transform Zimbabwe’s mining landscape from the ground up.

About Young Miners Foundation:
The Young Miners Foundation is a Zimbabwe-based organisation dedicated to empowering, training, and formalising the operations of young and small-scale miners across the country.

Minister Kambamura Assumes Strategic Patronage of ZMF

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Minister Kambamura Assumes Strategic Patronage of ZMF

In a strategic move to deepen collaboration between the government and the mining community, the newly appointed Minister of Mines and Mining Development, Hon. Dr. Polite Kambamura, has formally assumed the role of Patron of the Zimbabwe Miners Federation (ZMF), Mining Zimbabwe can report.

By Rudairo Mapuranga

This acceptance, enacted in accordance with Article 23 of the ZMF Constitution, underscores a mutual commitment to a cooperative and prosperous mining environment in Zimbabwe. The ZMF, representing the critical artisanal, small- to medium-scale mining sector, views the Minister’s patronage as a pivotal step in aligning the sector with national development goals.

The role of Patron is far from ceremonial. It establishes a direct, high-level channel of communication and guidance between the Ministry and the federation’s vast network of miners. The ZMF leadership has expressed confidence that Dr. Kambamura’s “esteemed leadership, vision for the mining sector, and commitment to the development of Zimbabwe” will strengthen efforts to promote sustainable and compliant mining practices.

This partnership is now a cornerstone in the government’s drive to formalise the artisanal and small-scale mining sector—a key priority for Minister Kambamura, who has consistently emphasised community benefit and structured growth since his appointment.

The Zimbabwe Miners Federation is a vital entity in the nation’s economic landscape. As the official representative body for small- to medium-scale miners, it:

  • Advocates for the interests and formalisation of thousands of miners across the country.
  • Plays a central role in promoting safety, environmental responsibility, and best practices.
  • Serves as a collective voice for a sector that contributes significantly to national mineral output, particularly gold.

The Minister’s patronage directly supports the realisation of His Excellency President Emmerson Mnangagwa’s Vision 2030. By working closely with the ZMF, the Ministry aims to harness the sector’s dynamism to enhance its contribution to the national goal of achieving an upper-middle-income economy.

Minister Kambamura, an engineer by profession, has outlined a detailed, multi-pillar plan focusing on community benefit, technological modernisation, and attracting quality investment. His active guidance as Patron is now positioned to channel the energy of the small-scale mining sector directly into this national development framework.

The Minister’s assumption of this role stands as a tangible indicator of the government’s partnership approach with the mining community, marking the beginning of a new era of collaboration.

Gold buying prices in Zimbabwe per gram/ ounce, 18 December 2025

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Gold buying prices in Zimbabwe per gram/ ounce, 18 December 2025

Gold buying prices in Zimbabwe per gram/ ounce, 18 December 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above131.924,103.17
SG 85% and above but below 90%130.524,059.63
SG 80% and above but below 85%129.134,016.39
SG 75% and above but below 80%127.733,972.85
Sample 5g and above but below 10g125.643,907.84
Fire Assay CASH132.624,124.95

 

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.

Fred Moyo appointed Ministry of Mines Deputy Minister

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Fred Moyo appointed Ministry of Mines Deputy Minister

Mr Moyo’s appointment comes at a critical time for the mining sector, which remains the backbone of Zimbabwe’s economy and a key source of foreign currency earnings. The sector is central to the government’s drive towards increased mineral output, value addition, beneficiation and strengthened regulatory oversight.

As Deputy Minister, Mr Moyo is expected to support the Ministry of Mines and Mining Development in advancing policy implementation, improving operational efficiency and driving sustainable growth across the mining value chain.

The appointment takes effect immediately.

The press statement announcing the appointment was signed by Dr Rushwaya and dated December 17, 2025.

Zimbabwe Sets New Gold Royalty Threshold at US$5,000, Exempts ASM

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Zimbabwe Sets New Gold Royalty Threshold at US$5,000, Exempts ASM

In a major policy shift, Finance Minister Mthuli Ncube has unveiled a revised sliding-scale royalty structure for gold, significantly raising the trigger for the top 10% rate following fierce opposition from miners. The new proposal, announced in Parliament on December 16, exempts small-scale miners from any increase and sets a significantly higher price threshold for large-scale producers, Mining Zimbabwe can report.

By Rudairo Mapuranga

Bowing to intense pressure from the mining industry, Zimbabwe’s government has drastically revised its proposed gold royalty hikes, offering a significantly more favourable structure for producers. Finance Minister Mthuli Ncube announced the concessions in Parliament, marking a substantial retreat from the original 2026 budget plan that would have imposed a 10% royalty on gold sold above US$2,501 per ounce.

The new framework, effective January 1, 2026, is as follows:

For small-scale miners:
No change to their current royalty arrangements.

For large-scale miners:
A new, progressive royalty system:

  • 3% if the gold is sold below US$1,200 per ounce.
  • 5% if sold between US$1,201 and US$5,000 per ounce.
  • 10% only if sold above US$5,000 per ounce.

The climbdown follows weeks of unified warnings from across the sector. The original budget proposal, announced in late November, was met with “immediate and forceful pushback” from large- and small-scale miners alike. Major producer Caledonia Mining Corporation warned the hike would slash profitability and force a reassessment of a key US$484 million project.

The Zimbabwe Miners Federation (ZMF), representing the artisanal and small-scale miners who produce about 65% of the nation’s gold, led the charge. It urgently appealed to President Emmerson Mnangagwa, arguing the 10% rate would cripple investment, stall development, and fuel massive gold smuggling to neighbouring countries.

Minister Ncube acknowledged this pressure, telling the House he had been “persuaded by the contributions from both sides of the House and by the public,” as well as direct representations from mining bodies.

The revised structure, particularly the sharply increased threshold for the top rate, has been hailed as a pragmatic solution that balances fiscal needs with sector sustainability.

Hon. Jonah Nyevera, a member of the Parliamentary Portfolio Committee on Mines and Mining Development, praised the move as a strategic masterstroke.

“The decision to leave small-scale miners’ royalties unchanged is a masterstroke. It allows these operators—who produce the bulk of our gold—to grow, formalise, and contribute to the economy without being burdened by higher taxes,” Nyevera stated.

He particularly highlighted the logic behind the new US$5,000 threshold for the 10% rate. “For large-scale miners, the 10% rate for prices above US$5,000 is a genius move. It ensures the government shares in supernormal profits while not discouraging investment, given that gold prices rarely exceed that threshold. This is a win-win for the government, the people of Zimbabwe, and investors.”

The new royalty proposal now awaits formal adoption by Parliament. If passed, it will represent a significant victory for the mining industry, which argued successfully that the original plan threatened the viability of Zimbabwe’s most important export sector.

The compromise suggests a government more responsive to stakeholder concerns, aiming to capture higher revenue only during extreme price booms while providing the stability miners need to plan and invest for the long term.

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