Mining ZimbabweLatest Mining News, Policy and Industry Updates

Gold buying prices in Zimbabwe per gram/ ounce, 21 May 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

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.

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Premier African Minerals Ltd. has issued another 1.18 billion shares to settle just £217,000 of creditor bills and unpaid salaries, pushing its total share count to 39.3 billion as the Zulu Lithium project remains years away from generating any revenue, Mining Zimbabwe can report.

By Rudairo Mapuranga

The London-listed miner printed 881.7 million shares to pay trade creditors and 295.8 million shares to clear accrued but unpaid salaries owed to former directors and consultants, according to a statement released today. The shares were issued at 0.0185 pence each, the same price as the company’s last placing on May 13.

Six months ago, Premier had about 9.35 billion shares outstanding. Today, it has 39.3 billion. That is more than a fourfold increase in the space of half a year, accomplished through a relentless series of equity fundraises, interest conversions, and creditor settlements. Not one of those transactions has been accompanied by a single pound of revenue from spodumene concentrate sales.

The company’s market capitalisation, based on today’s issue price, is approximately £7.3 million, spread across nearly 40 billion shares. Each share is now worth a fraction of a penny, and the market has long since priced in what Premier’s upbeat press releases will not admit: the project has destroyed shareholder value on a scale that makes recovery all but impossible.

Operationally, Premier says the new Xinhai flotation plant at Zulu has completed most cold commissioning activities using water and is preparing to introduce ore. Hot commissioning is still targeted for the second quarter of 2026, which ends in five weeks. Even if that deadline is met, Zimbabwe’s government suspended lithium concentrate exports months ago, and Premier has not secured a firm exemption, only stating that it remains “in dialogue” with the Ministry of Mines.

Managing Director Graham Hill said in the statement that the company is pleased with progress, but the financial reality contradicts the optimism. Each new share issuance transfers ownership from existing holders to new entrants at fire-sale prices, and the latest 1.18 billion shares were issued simply to clear debts that would barely buy a modest house in London.

Premier may eventually commission the flotation plant and produce spodumene concentrate. But with nearly 40 billion shares already in issue, and more dilution almost certain if commissioning slips again, the question for shareholders is no longer whether Zulu can work. It is whether there will be any equity left worth owning by the time it does.

• Artisanal deliveries reached 2,110 kg in April from 1,748 kg in March, offsetting a softer year-on-year comparison. The first four months of 2026 are tracking ahead of 2025, keeping the 50-tonne annual target firmly within reach.

Gold deliveries to Fidelity Gold Refinery (FGR) rebounded strongly in April 2026, driven by a sharp recovery in artisanal and small-scale mining (ASM) output. Total deliveries for the month reached 3,324.5926 kg, up 16.5% from March 2026’s 2,854.0030 kg, according to official FGR statistics obtained by Mining Zimbabwe.

By Rudairo Mapuranga

The ASM sector, which now accounts for roughly 75% of national gold output, led the resurgence. ASM deliveries in April 2026 stood at 2,110.6550 kg, a 20.7% increase from March 2026’s 1,748.6953 kg. Large-scale miners also recorded gains, delivering 1,213.9376 kg in April, up 9.8% from 1,105.3077 kg in March.

The month-on-month recovery is particularly significant following a subdued March, which industry sources attributed to temporary policy uncertainty and the lingering effects of a wet season that had constrained access to some alluvial and shallow mining areas.

While the month-on-month performance is encouraging, year-on-year comparisons show a slight decline. Total April 2025 deliveries were 3,542.1734 kg, meaning April 2026’s total of 3,324.5926 kg represents a 6.1% decrease from the same month last year.

The decline is entirely attributable to the ASM segment. ASM deliveries in April 2025 were 2,926.1086 kg, compared to 2,110.6550 kg in April 2026, a 27.9% drop. Large-scale miners, however, improved year on year, delivering 1,213.9376 kg in April 2026 versus 990.0748 kg in April 2025, a 22.6% increase.

The contrasting trajectories reflect two ongoing structural trends: large-scale production is steadily recovering following years of underinvestment, while ASM output is becoming more volatile as formalisation efforts and enforcement against smuggling create temporary disruptions before a more stable, fully documented production base emerges.

First Four Months: 2026 Edges Ahead of 2025

Crucially, the cumulative performance for the first four months of 2026 remains ahead of the same period in 2025, keeping Zimbabwe’s ambitious 50-tonne annual target well within reach.

The 2026 cumulative figure of 12,636.5166 kg represents a 1.3% increase over 2025’s 12,471.6279 kg for the same four-month period. While modest, this margin is expected to widen as new ASM formalisation programmes, expanded buying centres, and the reopening of large-scale mines gain momentum through the drier winter months, when mining activity typically accelerates.

50-Tonne Target Within Reach

Zimbabwe’s gold sector delivered a record 46.7 tonnes in 2025. For 2026, FGR and the government have set a target of 50 tonnes, a 7% increase. The first four months’ performance suggests this target is achievable, though execution will need to tighten.

A simple annualisation of the January to April 2026 run rate (12,636.5 kg × 3) yields 37.9 tonnes, which would fall short of 50 tonnes. However, historical production patterns show that the second and third quarters, May through September, consistently deliver higher volumes than the first four months, as drier conditions and post-harvest labour availability boost ASM activity.

To reach 50 tonnes, Zimbabwe needs average monthly deliveries of approximately 4,167 kg for the remaining eight months of 2026 (May–December). That is 25% higher than April’s 3,325 kg, but well within historical peak performance levels. In 2025, monthly deliveries exceeded 4,000 kg in July (4,067 kg), August (4,134 kg), and September (4,254 kg). With new capacity coming online, including the phased reopening of Mazowe and Redwing mines under Namib Minerals, and expanded ASM formalisation at Elvington and Amaveni, surpassing 4,000 kg per month in the second half of 2026 is entirely plausible.

FGR’s own projections, based on mine-level production schedules and ASM registration data, remain optimistic. The Gold Development Initiative Fund (GDIF) and the newly established Gold Trade Enforcement Unit (GTEU) are also expected to reduce leakage to parallel markets, further boosting official deliveries.

ASM Formalisation: Short-Term Pain, Long-Term Gain

The 27.9% year-on-year decline in April ASM deliveries should be interpreted with caution. It does not necessarily mean less gold is being mined; rather, it may reflect a temporary contraction in officially delivered gold as enforcement against smuggling intensifies and as the digital Gold Card registration system rolls out.

Zimbabwe Miners Federation President Henrietta Rushwaya has consistently argued that formalisation creates a short-term dip in reported output as previously informal miners adjust to new compliance requirements, before a sustained increase as financing, equipment, and technical support reach registered operators.

The 20.7% month-on-month ASM rebound from March to April supports this interpretation. March’s low of 1,748 kg appears to have been an anomaly, and April’s 2,110 kg, while still below April 2025, shows the sector’s underlying resilience.

Large-Scale Mining: The Quiet Recovery

While ASM dominates headlines, large-scale mining is quietly rebuilding. April 2026’s 1,213.9 kg from large-scale operators was the highest monthly figure since at least early 2025, and the 22.6% year-on-year increase confirms that capital investment is translating into output.

Key contributors include:

• Mutapa Gold’s Freda Rebecca mine, which achieved a record 240 kg in March and is on track for similar or better performance in subsequent months.
• RioZim’s Renco Mine is back online and contributing consistently following its successful capital restructuring.
• Caledonia Mining Corporation’s Blanket Mine, which, despite below-guidance Q1 output due to policy headwinds, remains a steady producer, with expansion plans at Bilboes progressing.

As Namib Minerals brings Mazowe and Redwing back into production, a process expected to accelerate through the second half of 2026, large-scale output could reach 1,500–1,800 kg per month by year-end.

Outlook: Second Half Acceleration

The gold sector’s performance in April 2026 sends a clear signal: the production boom is intact. Month-on-month growth of 16.5% in total deliveries and 20.7% in ASM deliveries demonstrates that March’s softness was temporary, not structural.

With 12.64 tonnes already delivered in the first four months, slightly ahead of last year’s record pace, and with the dry season, expanded formalisation, and new large-scale capacity all pointing to a stronger second half, the 50-tonne target for 2026 remains firmly within reach.

For context, the remaining eight months of 2026 would need to deliver 37.36 tonnes to hit 50 tonnes. That is an average of 4,670 kg per month, a significant lift from April’s 3,325 kg, but one that has been achieved before. In the final four months of 2025 (September–December), Zimbabwe averaged 4,350 kg per month. A modest 7% improvement on that already achieved run rate would deliver the target.

The margin for error is narrow, but the direction of travel is clear: gold production is rising, formalisation is deepening, and investment is flowing. Zimbabwe’s gold dominance is not a mirage; it is being built, month by month, kilogram by kilogram.

Zimbabwe’s mining sector is set to remain a key pillar of economic growth in 2026, as the country navigates a more volatile global environment shaped by geopolitical tensions, rising energy costs, and tightening financial conditions, Mining Zimbabwe can report.

By Ryan Chigoche

This was revealed in the latest Cabinet briefing presenting the First Quarter 2026 Economic Developments and Outlook, as presented by the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, which highlights both external risks and continued domestic resilience.

The first quarter of 2026 was marked by elevated global uncertainty, driven largely by escalating geopolitical tensions in the Middle East. These developments have pushed up energy prices, increased commodity market volatility, and tightened global financial conditions, with knock-on effects for emerging economies such as Zimbabwe.

The risks are filtering through to the domestic economy via the balance of payments, inflation pressures, exchange rate stability, and foreign currency accumulation. Agriculture is also exposed through fertiliser shortages linked to higher global prices.

However, going forward, the government is banking on the mining sector to cushion the economy from these global headwinds.

“Commodity markets in the first quarter of 2026 were characterised by renewed upward pressure and heightened volatility, driven largely by escalating geopolitical tensions affecting global energy supply chains. Export performance is expected to remain relatively strong, supported by gold, other minerals including platinum group metals and lithium, as well as tobacco in the medium term.”

The statement underscores how global energy disruptions are feeding into higher production and logistics costs, with implications for inflation management and industrial activity, particularly in fuel-intensive sectors such as mining.

Despite these pressures, economic growth is still projected to moderate around 5% in 2026, with mining and agriculture expected to underpin overall performance. The mining sector is increasingly viewed as the stronger stabiliser, given its export strength and relative insulation from climate-related risks.

Fiscal performance has remained anchored on revenue recovery and expenditure control, with total revenues projected at US$9.4 billion against expenditures of US$9.0 billion. Authorities say this reflects improved tax collection and tighter spending management.

Inflation has continued to ease sharply from 2025 highs above 90%, falling to 4.1% in January 2026, 3.8% in February, and edging up slightly to 4.4% in March, largely due to a global oil price shock linked to Middle East tensions.

Overall, the outlook reinforces mining’s central role in Zimbabwe’s economy, not only as a growth driver but also as a key source of export earnings and a buffer against external shocks in an increasingly uncertain global environment.

Ariana Resources PLC has raised fresh funding for its Dokwe Gold Project in Zimbabwe after completing the sale of a minority stake in Turkish gold producer Zenit, in a move that provides additional cash for development work at its flagship asset, Mining Zimbabwe can report.

By Ryan Chigoche

The AIM- and ASX-listed company said it sold a 13.6% interest in Zenit for US$19.5 million in cash, generating net proceeds of about US$17.2 million after taxes. The stake was acquired by existing shareholder Özaltin Holding. Shares in Ariana rose 4.5% to 1.93p following the announcement.

In a statement, managing director Dr Kerim Sener said the deal releases capital from a mature investment and redirects it toward Dokwe, where development work is advancing.

“The transaction crystallises significant embedded value from a mature, cash-generative minority investment while allowing Ariana to redeploy capital into Dokwe, where the company is progressing a feasibility study.”

The company retains a 9.9% holding in Zenit, valued at roughly US$14.2 million under the terms of the transaction, alongside board representation and entitlement to dividends when declared.

The proceeds are expected to support ongoing work at the Dokwe Gold Project in Zimbabwe, where Ariana is continuing feasibility studies alongside drilling aimed at refining the scale and continuity of the mineral system.

Dokwe already ranks among Zimbabwe’s larger undeveloped gold projects, hosting a mineral resource of more than 1.4 million ounces across Dokwe North and Dokwe Central. The project sits within the country’s greenstone belt terrain and is increasingly being shaped into a multi-stage development opportunity, with two distinct deposits located a few kilometres apart.

Since Ariana acquired the asset through its 2024 merger with Rockover Holdings, the resource base has expanded materially, supported by ongoing drilling and improved geological interpretation. The company has consistently positioned Dokwe as its primary development focus in Zimbabwe.

Fortune Projects, a youth-led mining operation in Mangwe District, is gaining national attention for combining responsible gold mining with community support, job creation, school fee assistance, and formal gold deliveries to Fidelity Gold Refinery.

In rural Mangwe District, 63 young miners are quietly rewriting what responsible mining looks like. They pay taxes, employ local youth, support elders, and send children to school, all while delivering every gram of gold to Fidelity Gold Refinery, Mining Zimbabwe can report.

By Rudairo Mapuranga

Their operation has drawn praise from the Vice President of Zimbabwe and the full backing of the Minister of Industry and Commerce. Now, as winter approaches, they are turning their attention to the most vulnerable.

A Community First

The story of Fortune Projects under Miclas Ndlovu begins not underground, but above it. The group delivers every gram of gold to Fidelity Gold Refinery (FGR), meaning taxes already flow into the government coffers from their work. They have pulled 63 young people away from the twin threats of unemployment and substance abuse that haunt Matabeleland South. They have paid primary school fees for five local children. Last Saturday, they donated food hampers to a grieving family at a local funeral.

As winter approaches, the group has called on the community of Bulu Ingwizi Growth Point to come forward with the names of elders who need support. “We want to help before the cold settles in,” said chairman Miclas Ndlovu.

Already, the operation is a model of grassroots development, not waiting for handouts, but digging its own path forward.

From the Top: Endorsements That Matter

The political backing for Fortune Projects runs deep. Vice President Dr. Constantino Chiwenga met the group leader, Miclas Ndlovu, at the Ingwizi Community Centre and gave them his full endorsement. He subsequently ordered the Minister of State for Matabeleland South to ensure the project received the necessary support.

At the forefront of this push, however, is Hon. Nqobizitha Mangaliso Ndhlovu, the Minister of Industry and Commerce, who also serves as ZANU-PF Chairman for Matabeleland South. Minister Ndhlovu has been instrumental in connecting the youth-led operation with provincial and national authorities, recognising that a community-driven mining project aligned with the ruling party’s development agenda deserves attention.

The Minister of State for Matabeleland South, Honourable Albert Nguluvhe, has already written to the Ministry of Mines in support of Fortune Projects. The Provincial Mining Director’s office, led by Acting PMD Mr. Chancellor Chidziva, has also recommended action.

Now, with a new Permanent Secretary recently appointed at the Ministry of Mines, the group sees a fresh opportunity to formalise its operations and move to full scale.

What Full Formalisation Would Mean

Ndlovu is clear that his group is not asking for favours. “The area we are mining is actually our land; our fathers used to farm here,” he said. “We want to contribute to the achievement of an upper-middle-income economy by 2030. The President has always said, ‘leaving no one and no place behind.’”

Formalisation would allow Fortune Projects to operate at full scale, meaning more gold delivered to Fidelity, more taxes paid, more school fees covered, more funerals supported, and more winter hampers for elders. It would also give them full access to training, banking channels, and legal protections, enabling them to become a model for youth-led mining across Zimbabwe.

“Already they are paying fees for five kids and donating to funerals,” said a community member. “Imagine what they could do if they were formalised.”

Ready for the Next Chapter

For now, the 63 young miners continue their work, digging, delivering, and giving back. They have the endorsement of the Vice President, the full backing of a sitting minister and provincial chairman, and the paper trail of tax payments and Fidelity deliveries. As winter approaches, they are already asking elders to come forward. That is who they are.

The new Permanent Secretary now holds the pen. The letters from the Minister of State and the Provincial Mining Director are on file. And 63 young people are waiting, not with their hands out, but with their hands on their tools and their hearts open to their community.

It is time to let them fly.