Mining ZimbabweLatest Mining News, Policy and Industry Updates

A record US$12 billion flowed out of gold-backed exchange-traded funds in March, according to the World Gold Council, marking the sharpest monthly reversal the market has ever seen and wiping out much of the strong start bullion enjoyed earlier this year, Mining Zimbabwe reports.

By Ryan Chigoche

For much of the first quarter, gold looked unstoppable. Investors poured money into bullion funds as geopolitical tensions flared, inflation fears lingered, and expectations grew that interest rates would start falling.

Then March happened.

A broad sell-off hit global markets as the conflict involving the United States, Israel, and Iran escalated in the Gulf region. Disruptions to trade routes and airspace around Dubai prompted investors to raise cash quickly.

Gold, which had been a top-performing asset, suddenly became a source of liquidity. Figures from the World Gold Council show that physically backed gold ETFs lost US$11.8 billion in March alone, nearly 85 tonnes of gold. North America accounted for most of the selling, with US$13.5 billion pulled from funds, ending nine months of steady inflows.

The reversal reflected broader market dynamics. A stronger US dollar, rising bond yields, and fading expectations for Federal Reserve rate cuts made gold less appealing. By month-end, markets increasingly expected rates to remain unchanged until late 2027.

Technical factors also played a role. Large hedge funds and commodity traders who held bullish positions in gold futures started unwinding them. Mid-March price declines triggered rapid position closures, accelerating the sell-off.

The largest funds took the brunt of the hit. SPDR Gold Shares lost over US$8.4 billion, while iShares Gold Trust saw US$3.7 billion exit.

Yet, the market was not abandoning gold entirely. Asian buyers stepped in, with ETFs in the region drawing almost US$1.9 billion, marking seven consecutive months of inflows and the strongest quarterly performance on record. China led the demand, contributing US$1.67 billion as geopolitical tensions rose, domestic markets weakened, and the yuan softened. Indian investors added US$177 million during March.

Europe saw moderate outflows, losing US$154 million—mainly in Germany, Italy, and France—as rising yields and a weaker euro weighed on returns.

Despite March’s heavy selling, first-quarter holdings rose by 62 tonnes globally, with assets under management reaching US$606.5 billion, up 9% from the end of 2025. Trading activity remained high, with average daily turnover climbing to US$525 billion as investors repositioned.

The World Gold Council noted the sell-off mirrored patterns seen after the Global Financial Crisis and during the COVID-19 pandemic, when periods of strong inflows were followed by sharp withdrawals before a recovery.

March’s episode may reflect a temporary scramble for cash during market stress rather than a long-term retreat from gold. With ongoing geopolitical tensions and inflation risks, gold’s role as a safe-haven asset remains relevant.

51.6% of Zimbabwe’s Exports Go to the UAE, Highlighting Risks from the US–Iran war and the Need to diversify

Zimbabwe’s export sector has come under fresh scrutiny as global geopolitical tensions escalate. The ongoing United States–Iran war has spilt into the Gulf region, affecting both sea and air routes, with Dubai, the hub for much of Zimbabwe’s gold exports, heavily impacted, Mining Zimbabwe can report.

By Ryan Chigoche

As a result, even temporary disruptions in this region could ripple through Zimbabwe’s economy, affecting shipments, pricing, and foreign currency inflows.

According to the latest Reserve Bank of Zimbabwe (RBZ) Monthly Economic Review for February, merchandise exports totalled US$969.4 million, with gold alone accounting for 50.9% of the total.

Tobacco contributed 25.2%, while platinum group metals (PGMs) accounted for 10.8%. However, more than half of these exports—51.6%—were destined for the UAE, far ahead of China at 22.1% and South Africa at 13.4%.

This concentration underscores the risks of depending heavily on a single trading hub, particularly one exposed to regional conflict.

The Gulf crisis has disrupted key shipping lanes and airspace, especially around the Strait of Hormuz and Dubai’s airports, driving freight costs and insurance premiums higher.

Airlines and cargo carriers have had to reroute or suspend operations, while trading hubs in the region operate under heightened war-risk conditions. For Zimbabwe, whose gold largely passes through Dubai before reaching global buyers, such instability can have immediate consequences.

Part of the country’s reliance on Dubai stems from historical limitations in accessing global markets.

Fidelity Gold Refinery, Zimbabwe’s sole gold refinery, lost its previous international accreditation in 2008 after gold production fell below minimum global thresholds. Since then, much of the country’s bullion has flowed through intermediaries, limiting market access and reducing potential earnings.

There is, however, a window of opportunity. Fidelity Gold Refinery’s General Manager, Peter Magaramombe, confirmed that the refinery is now set to join an accredited international market for its bullion by the end of this year, having already met nearly all requirements.

This development comes at a crucial time, as Zimbabwe’s gold output reached a record 46.7 tonnes in 2025, well above the threshold required for international trade.

By gaining direct access to an accredited international market, Zimbabwe would not only improve pricing and revenue capture but also diversify export routes, reducing reliance on the UAE and enhancing resilience against geopolitical shocks in the Gulf.

This would ensure that the country’s largest export earner continues to provide stable foreign currency inflows even in times of global instability.

The recent US–Iran war, and its spillover effects across the Gulf, highlight a key lesson: overreliance on a single export hub carries significant risks.

For Zimbabwe, accelerating market diversification and supporting Fidelity Gold Refinery’s integration into an international market is no longer optional. It is a strategic necessity, crucial for protecting the gold sector and securing a more stable economic future.

Zimbabwe’s gold export earnings reached US$278.5 million in February 2026, driven by firm international gold prices and a sharp increase in deliveries from the artisanal and small-scale mining (ASM) sector, according to the latest data from the Reserve Bank of Zimbabwe (RBZ).

By Rudairo Mapuranga

The February figure represents a 138 per cent surge compared to the same month last year, when gold receipts stood at US$117 million.

February’s export earnings were slightly lower than the US$290.1 million recorded in January 2026. However, the January figure was more than double the US$123.1 million earned in January 2025.

Cumulative gold export earnings for the first two months of 2026 now stand at approximately US$568.6 million.

According to data from Fidelity Gold Refinery, Zimbabwe’s sole operational gold buyer, total gold output for February 2026 reached 3,412.9 kilograms (approximately 3.4 tonnes).

Artisanal and small-scale miners accounted for nearly 74 per cent of total gold deliveries for the month, cementing their role as the backbone of Zimbabwe’s gold industry.

In late February, the RBZ introduced a new payment structure requiring small-scale miners to receive 90% of their gold proceeds in US dollars and 10% in local currency (ZiG). However, the policy faced implementation challenges and was temporarily suspended in March, effectively restoring the previous arrangement of 100% US dollar payments.

Gold prices have maintained a strong upward trajectory, with spot bullion hovering near the US$5,000 per ounce threshold. The rally follows a historic 2024–2025 super-cycle, during which prices surged by more than 60 percent in a single year, driven by geopolitical instability and a global shift in central bank reserves.

Major financial institutions, including JP Morgan and Bank of America, have revised their 2026 year-end gold price targets to the US$6,000–US$6,300 range.

Following a record-breaking 2025 output of 46.7 tonnes, the Government has set an ambitious gold production target of 50 tonnes for 2026.

The RBZ has been aggressively accumulating gold reserves to support the ZiG currency. As of early 2026, Zimbabwe’s foreign exchange reserves had grown to approximately US$1.2 billion, largely anchored by physical gold holdings and mineral-linked royalties.

The Mining Industry Pension Fund (MIPF) Chief Executive Officer (CEO) is set to speak at the Mining Health, Safety and Environmental (MHSS) Series 2026 in Takoradi, Ghana, where he will share insights into Zimbabwe’s approach to supporting miners’ welfare, Mining Zimbabwe can report.

By Ryan Chigoche

This invitation highlights the growing international interest in Zimbabwe’s model and its innovative approach to post-employment support for mining workers.

Although Ghana’s mining sector is an important part of the country’s economy, it does not have a dedicated pension fund for miners. While the Minerals Income Investment Fund (MIIF) manages mineral revenues, it does not provide post-employment welfare for workers.

In contrast, the MIPF offers a comprehensive system that ensures miners are supported even after leaving active employment, exemplifying the “S” in Environmental, Social, and Governance (ESG).

Speaking to Mining Zimbabwe, MIPF Chief Executive Anymore Taruvinga said that the fund’s role in safeguarding miners’ welfare will be a key theme in his presentation.

“The event organisers, however, admired the MIPF setup as a mining industry umbrella fund. They do not have a similar setup in Ghana, but they believe such a structure is a means to achieving the ‘S’ in ESG when it comes to post-employment welfare of mining workers,” Taruvinga said.

The MHSS 2026 conference, scheduled for April 22–23, will bring together mining operators, regulators, technical leaders, innovators, and other stakeholders to discuss forward-looking policies, practical strategies, regulatory developments, and technological innovations shaping sustainable mining in Africa.

Supported by the Minerals Commission of Ghana, the event aims to strengthen health, safety, and environmental performance across the mining lifecycle.

This year, the conference runs under the theme: “The Mine, Community, and Mine Worker Sustainability: Empowered Workers, Sustainable Mines, Thriving Communities.”

Participants can expect discussions and case studies on balancing growth with sustainability, advancing health and safety practices, emerging performance metrics, technology-driven safety innovations, and worker wellbeing as a strategic performance driver.

With MIPF’s participation, Zimbabwe is set to showcase a leading example of how social welfare initiatives can strengthen sustainability practices within the mining sector, offering valuable lessons for other countries looking to integrate ESG principles more effectively.

“If I calculate, I will get around 8,512 metric tonnes of caesium within the 1.52 million metric tonnes of concentrate exported” – Eng Mudono

Zimbabwe lost approximately US$400 million in unreported caesium and tantalum from lithium concentrate exports before the government imposed a ban on raw mineral shipments, a National University of Science and Technology lecturer has calculated.

By Rudairo Maparanga

Speaking at a breakfast meeting on Zimbabwe’s export ban organised by the Zimbabwe Environmental Law Organisation (ZELO) last week, Eng Mudono presented detailed estimates of the value of by-minerals that were leaving the country undeclared.

“If I use that as the basis of calculation, then I have a general approximation of the content within the concentrate. For caesium, 0.07 to 1.05 per cent. If I calculate, I will get around 8,512 metric tonnes of caesium within the 1.52 million metric tonnes exported. That is around US$30 million,” Mudono said.

“Then you go to tantalum. Generally, 0.036 to 0.09 per cent. From that aspect, around US$400 million is what is within the content.”

Mudono traced his expertise in mineral processing back to 1995, when he successfully separated nickel from cobalt at the base metal level. In 2001, he spent six months in Sweden studying energy storage systems, working with a lecturer who was a consultant at Northrop Grumman. More recently, he spent two months in 2018 gaining experience with Peter Jarosz, a prominent figure in the battery materials space.

He is currently pursuing a PhD focused on converting lithium concentrate to lithium hydroxide, which he said is superior to lithium carbonate for electric vehicle batteries.

“Lithium hydroxide is better than lithium carbonate for electric vehicle batteries,” he said, noting that he is specifically working on petalite rather than spodumene because Zimbabwe holds one of the world’s largest petalite resources.

Mudono called on the government to establish a clear roadmap for value addition, moving beyond the current focus on concentrate production to full beneficiation.

“Why can’t we create a roadmap for this value-added segment so that we can come up with a solution at the end of the day, and Zimbabwe itself becomes a country that achieves those goals?” he asked.

He outlined the full value chain: from mining ore at 1.5 per cent lithium oxide, to producing concentrate, then converting it to lithium hydroxide through a high-temperature process exceeding 1,000 degrees Celsius, and finally to end-user applications including batteries, ceramics, glass, lubricants, and electrical components.

“If we follow that, we won’t have any more challenges,” he said.

Mudono’s calculations provide empirical support for the government’s decision to suspend raw lithium exports on 25 February 2026. The lost value he identified—hundreds of millions of dollars in unreported caesium and tantalum alone—demonstrates the scale of revenue leakage that the ban seeks to address.

He noted that the DRC and Zambia have implemented cooperative funding models and state policies that Zimbabwe could learn from.

“They put money into that. It’s not easy. But they do it. They implement state policy,” he said.

For Zimbabwe, the path forward requires infrastructure development, investor confidence, and regional integration to secure its position as a critical player in the global electric-vehicle and energy-storage battery supply chain.

How Mine is pushing ahead with a major capacity expansion, with the upgraded milling facility expected to come online in the second half of 2026, targeting a 36% increase in throughput from 40,500 to 55,000 tonnes per month, Mining Zimbabwe can report.

By Rudairo Mapuranga

According to How Mine’s parent company, Nasdaq-listed Namib Minerals, in its FY2025 report, the expansion comes as the mine reported full-year 2025 production of approximately 25,000 ounces, down from 37,239 ounces in 2024, reflecting a lower-grade environment that impacted output. Despite the dip, revenue held firm at US$82.6 million, buoyed by a strong gold price.

Management has implemented several initiatives to improve grade consistency, including tighter grade control, improved mine planning, and stronger operating discipline underground. These measures are intended to support more predictable production and cost performance going forward.

“The planned expansion of ore milling capacity at How from 40,500 to 55,000 tonnes per month remains on track,” Namib Minerals confirmed in its business update. Capital expenditures in 2025 focused on shaft deepening, underground development, tailings infrastructure, and equipment upgrades.

For 2026, How Mine has been given clear production guidance: 28,000 to 31,500 ounces, with all-in sustaining costs (AISC) of US$2,400 to US$2,700 per ounce, and adjusted EBITDA of US$50 million to US$62 million. The guidance assumes a gold price of US$4,500 per ounce.

How Mine remains the primary cash-generating asset for its parent company, funding both operational stability and broader growth strategies, including the restart of regional brownfield projects. The mine’s resilience, even in a lower-grade environment, underscores the strength of the operation and the benefit of a supportive gold price.

“We continue to focus on operational efficiency improvements at How while advancing development work at our brownfield growth projects,” said Namib Minerals CEO Tulani Sikwila.

The company views 2025 as a period of elevated investment and expects sustaining capital to normalise in 2026, supporting increased free cash flow as production levels recover.

Nasdaq-listed mining company Namib Minerals has reported a staggering leap in profitability, with full-year 2025 profit surging to US$101.2 million, up from just US$3.6 million in 2024, even as gold production dipped due to a lower-grade environment at its flagship How Mine, Mining Zimbabwe can report.

By Rudairo Mapuranga

The increase, announced in Namib Minerals’ FY2025 report on April 2, 2026, was driven largely by non-cash items related to the company’s Nasdaq listing. These included a US$158.8 million gain from the revaluation of earnout liabilities and a US$5.7 million gain from warrant liabilities, partially offset by US$65.4 million in one-time, non-cash listing expenses.

While production fell to approximately 25,000 ounces of gold for the year, down from 37,239 ounces in 2024, revenue remained robust at US$82.6 million. The average realised gold price helped offset lower volumes, enabling the company to generate a gross profit of US$34.2 million, representing a healthy gross margin of 41.4%.

“Our disciplined cost performance helped maintain profitability despite lower grades,” said Tulani Sikwila, newly appointed Chief Executive Officer. “2025 was a year of disciplined progress as we executed our strategy to stabilise operations, increase production capacity, and expand our resource base.”

Adjusted EBITDA increased by 18% to US$29.0 million, while operating cash flow totalled US$13.8 million after interest and tax. Total production costs fell by 4% to approximately US$37 million, reflecting effective cost controls across labour, input usage, and power consumption.

However, on a per-ounce basis, cash costs (C1 costs) rose to US$1,653 per ounce from US$1,150 in the prior year, primarily due to lower production volumes against a largely fixed cost base.

The company maintains a solid balance sheet, with total assets increasing to US$62.8 million and net debt standing at a modest US$3.3 million, positioning Namib to fund its growth ambitions.

Looking ahead to 2026, Namib has guided production of 28,000 to 31,500 ounces, with adjusted EBITDA expected between US$50 million and US$62 million, based on a gold price assumption of US$4,500 per ounce.