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Zimbabwe Gold Export Earnings Surge 167% as Bullion Rally Sets Stage for Record FX Inflows

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Zimbabwe’s gold export earnings surged 167% in the first five months of 2026 as a sharp rally in international bullion prices lifted the value of shipments, putting the country on course for another record year of foreign currency inflows, Mining Zimbabwe can report.

By Ryan Chigoche

Reserve Bank of Zimbabwe (RBZ) data show gold exports generated US$3.07 billion between January and May, compared with US$1.15 billion during the same period last year.

The performance highlights gold’s growing importance to Zimbabwe’s external sector, with the precious metal strengthening its position as the country’s largest source of foreign currency at a time when other export sectors face varying levels of pressure.

The increase in receipts has largely been driven by the exceptional performance of international bullion markets. Gold prices have remained near historic highs, supported by strong central bank purchases, geopolitical uncertainty and investor demand for safe-haven assets.

That price environment has significantly increased the value of Zimbabwe’s gold shipments. May alone generated US$1.16 billion in export receipts, compared with US$278.1 million in the same month last year, while April earnings stood at US$97.2 million.

However, the surge in export earnings has not been solely a price story. Production performance has also provided support for the sector’s strong showing, strengthening expectations that foreign currency inflows could remain elevated in the months ahead.

Gold deliveries to Fidelity Gold Refinery reached 4.81 tonnes in June, taking first-half deliveries to about 21.4 tonnes and keeping Zimbabwe on track towards its 50-tonne production target for 2026.

The combination of elevated prices and steady deliveries has raised the possibility that Zimbabwe could surpass its record gold export earnings of US$4.61 billion achieved in 2025.

While bullion prices remain the biggest contributor to the increase in export values, sustaining production growth will determine whether the current rally translates into a prolonged period of stronger foreign currency generation.

The impact extends beyond export receipts. Higher gold earnings could boost government revenues through mineral royalties and taxes, while improving foreign currency availability for imports and industrial activity.

The gains also carry significance for Zimbabwe’s monetary framework. Gold forms part of the reserve assets backing the Zimbabwe Gold (ZiG) currency, meaning stronger official deliveries and export receipts could provide additional support for reserve accumulation.

With global gold prices remaining elevated and production levels holding firm, the precious metal is emerging as a key driver of Zimbabwe’s external sector performance in 2026.

At a gold price of US$4,500 per ounce for the year, as forecast by JPMorgan, Zimbabwe’s targeted 50-tonne annual production level would represent a gross metal value of about US$7.2 billion before royalties, refining charges and other production costs.

Small-Scale Lithium Miners Call for Inclusion in Zimbabwe’s Beneficiation Drive

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By Ryan Chigoche

Speaking exclusively to Mining Zimbabwe, artisanal and small-scale lithium miners who operate in the lithium-rich areas of Goromonzi and Mberengwa are calling for shared processing facilities, government-backed partnerships and guaranteed market access, arguing that beneficiation should create opportunities for local producers rather than exclude them.

Zimbabwe banned the export of raw lithium ore and later extended restrictions to lithium concentrates as part of a broader strategy to encourage domestic value addition. The policy has triggered significant investment in processing infrastructure, with major producers committing hundreds of millions of dollars to lithium sulphate plants designed to capture greater value from the country’s mineral resources.

The strategy reflects a broader ambition to transform Zimbabwe from a supplier of raw minerals into a producer of higher-value battery materials. For large mining companies with access to capital, the policy has accelerated investment in downstream processing.

For many small-scale miners, however, the transition has been far more difficult. For miners like Ashley Zvenhamo and Dean Kadango, who operate lithium claims in Goromonzi, the challenge is not a lack of mineral resources but a lack of access to the infrastructure needed to comply with Zimbabwe’s new lithium policy.

“Since the ban on lithium concentrate exports, the ability to sell lithium ore has changed significantly for small-scale miners,” Kadango said.

“Before the restrictions, it was easier to access buyers who were exporting directly, but now the market has become more difficult and unpredictable. Most opportunities now seem to favour larger companies that already have processing capacity.”

“At the moment, I do not have my own beneficiation or processing plant,” Kadango said. “Setting up a processing plant requires significant capital investment, reliable electricity, water supply and proper infrastructure, which is difficult for small operators to afford.”

Echoing the same sentiments, Zvenhamo, a small-scale miner in Mberengwa, told Mining Zimbabwe:

“We are being pushed out; we don’t have the capacity to beneficiate,” he said.

Without processing facilities, many small-scale producers say they have seen traditional buyers disappear, leaving stockpiles of ore with few legal market opportunities.

Their proposals focus on inclusion rather than reversing government policy.

Kadango believes shared processing facilities or toll-treatment arrangements could enable smaller producers to participate in beneficiation without individually investing hundreds of millions of dollars.

“For small miners, survival may depend on the establishment of shared processing facilities, partnerships or government support that allows us to participate in local beneficiation,” he said.

Zvenhamo argues that processing companies should also source part of their feedstock from registered local producers.

“I suggest our government must ask those with lithium plants to buy ore from local people,” he said.

Such arrangements are used in some mining jurisdictions through supply agreements, processing partnerships or incentives that encourage downstream companies to source material from compliant small-scale operators.

The debate comes as Zimbabwe’s lithium industry undergoes rapid structural change. Increasingly, production is shifting toward vertically integrated companies that mine, process and export higher-value lithium products, raising questions about how artisanal and small-scale miners can participate in the next phase of the industry’s development.

At the same time, authorities continue to tighten oversight of the sector.

In June 2026, the Zimbabwe Anti-Corruption Commission and the Zimbabwe Revenue Authority uncovered a syndicate that allegedly used a cloned export permit to smuggle 204 tonnes of lithium ore through Forbes Border Post. Authorities said only part of the shipment was intercepted, highlighting the continued challenge of illegal mineral exports despite tighter regulations.

The smuggling case has reinforced the importance of building a transparent and well-regulated lithium industry. While authorities have not linked the case to the small-scale miners interviewed for this story, it illustrates the broader pressures facing a sector that is rapidly evolving under Zimbabwe’s beneficiation policy.

The challenge for policymakers is therefore twofold: maintaining the momentum behind downstream investment while ensuring that compliant small-scale miners are not permanently excluded from the country’s lithium value chain.

Zimbabwe’s beneficiation strategy has already begun reshaping one of Africa’s fastest-growing lithium industries. The question now is whether that transformation can also create space for the thousands of Zimbabweans whose livelihoods depend on small-scale mining.

For miners such as Zvenhamo and Kadango, the answer lies not in reversing beneficiation but in finding practical ways to participate in it.

Their message is straightforward: if beneficiation is to become the foundation of Zimbabwe’s lithium future, it should also create a pathway for local small-scale miners to become part of that future rather than spectators to it.

Gold buying prices in Zimbabwe per gram/ ounce, 8 July 2026

Gold buying prices in Zimbabwe per gram/ ounce, 8 July 2026, from the official gold buyer and exporter, Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice (US$/g)Price (US$/oz)
SG 90% and Above124.363,868.83
SG 85% but Less Than 90%123.053,828.08
SG 80% but Less Than 85%121.733,787.02
SG 75% but Less Than 80%120.413,745.95
Sample (5–10 g)118.443,684.68
Fire Assay (Cash)125.023,889.36

 

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.


#GoldPrices #GoldBuying #GoldMarket #GoldTrading #GoldRate #GoldPriceToday #GoldNews #PreciousMetals #GoldIndustry #GoldEconomy #FidelityGoldRefinery

Mnangagwa Orders Immediate RHA Tungsten Mine Restart as Prices Hit Record Highs

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Premier African Minerals Ltd. (AIM: PREM) said Tuesday it has received formal written confirmation from the Zimbabwean government regarding the transfer of state-held shares in RHA Tungsten Private Ltd., resolving a long-standing ownership deadlock that has stalled the asset’s commercial revival, Mining Zimbabwe can report.

By Rudairo Mapuranga

President Emmerson Mnangagwa approved the reallocation of the government’s 51% stake, previously held by the Ministry of Industry and Commerce through the National Indigenisation and Economic Empowerment Fund (NIEEF), to the Ministry of Mines and Mining Development under the stewardship of the Zimbabwe Mining Development Corporation (ZMDC). The London-listed developer holds the remaining 49% and acts as the project’s operator.

Decade-Long Impasse Broken

The ownership structure has been a persistent obstacle since a 2019 agreement in which NIEEF committed US$6 million in funding to restore production, a pledge the government ultimately failed to honour. Premier had previously flagged the equity arrangement as a deterrent to further capital injection, with former CEO George Roach noting in 2023 that the company was unwilling to commit more funds under the existing terms. At one point, Premier even considered relocating most of RHA’s plant equipment to its Zulu lithium project.

The presidential directive instructs ZMDC to “urgently engage” with Premier to address outstanding operational, legal and capital matters, mandating that all necessary steps to effect the transfer commence without delay.

“This removes a key area of uncertainty and provides a clearer basis for Premier to progress commercial discussions on the future of RHA Tungsten,” Managing Director Graham Hill said in the statement.

Tungsten Prices at Historic Highs

The breakthrough arrives amid a historic supply shock in the global tungsten market, triggered by China’s export curbs introduced in early 2025. APT (ammonium paratungstate) prices have surged to approximately US$3,000 per metric ton unit in ex-China spot markets, compared to a five-year average of roughly US$300. Domestic Chinese tungsten concentrate prices jumped 221% year to date, climbing from RMB142,000/ton to RMB456,000/ton.

Analysts project a global tungsten supply deficit of 23,000 to 25,000 metric tons annually through 2029. BMO Capital Markets expects tightness to persist through 2026, with markets facing another shortfall.

ZMDC Involvement Accelerates Prospects

ZMDC’s entry as the state shareholder is viewed as a catalyst for project advancement. The RHA project, located in Zimbabwe’s Kamativi tin belt, holds SAMREC-compliant inferred resources of 1.093 million tonnes at 8.7 kg/t WO₃ and indicated resources of 147,000 tonnes at 4.7 kg/t WO₃. Historical production between 1931 and 1979 yielded 1,247 tonnes of wolframite concentrate at 65% WO₃.

Hill noted that the current price environment and initial transaction interest make the timing “timely”. Premier remains committed to constructive engagement with ZMDC to advance any deal capable of delivering value through its RHA holding, while simultaneously progressing its primary Zulu lithium-tantalum project towards spodumene concentrate production.

With ownership uncertainty removed and tungsten trading at record levels, the restart of RHA Tungsten is poised to accelerate significantly.

Dispute Resolution in the Mining Space: The Legal Strategy that Keeps Miners Out Of Court (and keeps them mining)

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  • A Lawyer’s practical guide to resolving mining conflicts before they destroy your business

The mining industry is never short of drama, to put it lightly. As of today, the 6th of July 2026, gold is selling at a price of USD125 000 [One Hundred and Twenty Five Thousand United States dollars] per kilogram. This is an unbelievably high-stakes industry. Only if it is done right. And only if disputes, which will occur anyway, are solved correctly and timeously.

It was a Tuesday morning when the call came through. A gold miner, let us call him Makova, was in a panic. His mining partner had locked him out of the operation. Security guards, hired by the partner, were preventing Makova from accessing the shaft. The equipment he had purchased sat idle. The ore they had blasted over the past months was being processed without his knowledge or consent. The ore, worth an estimated USD10 000 000 [Ten million United States dollars] would be life-changing for Makova, but evidently, all this would now come to nought.

“I want them arrested,” Makova said, his voice tight with anger. “I want a court order today. I want my mine back.”

I asked him a simple question: “How long do you think that will take?”

He paused. “A few weeks?”

I took a breath and delivered the hard truth: “Try two to five years and while you are waiting for the High Court to hear your case, your partner will be extracting your ore, your equipment will rust, and your investors will disappear.” Makova’s face fell. He had assumed the law would move quickly. He was wrong and that misunderstanding nearly cost him everything. Over sixteen years of legal practice, I have learned that the miners who survive disputes are not the ones who rush to court. They are the ones who understand that the courtroom is a last resort, not a first response. They are the ones who have a strategic dispute resolution plan in place before the conflict erupts. This article is about that strategy. It is about how to fight for your rights without sacrificing your mine.

Why litigation is a Miner’s nightmare

Let me be blunt, the High Court is not designed for mining disputes. It is designed for justice, which is a different thing entirely. When you file a case in the High Court, you are entering a legal minefield. The aura of the courtroom itself is intimidating and intense. Judges are mostly overwhelmed. Cases are postponed. Some court processes take time to mature and ultimately be heard. Your opponent’s lawyers will file every conceivable motion to delay. If the case is complex, and mining cases always are, you might wait eighteen months just to get a trial date. You may win at trial, but, if your opponent appeals, add another two to three years.

Meanwhile, what happens to your mine? It sits idle. Your equipment depreciates. Your investors lose confidence. Your employees find other work. The geological window for extraction might close. The market price for your commodity might collapse. Annual returns must be filed without fail lest you face a monster called forfeiture. By the time the court finally rules in your favour, the victory is hollow. If you are one of the few unlucky ones, your mine will be invaded by a few illegal miners, who will turn into an environmental hazard within the shortest possible time, thereby inviting the full wrath of the Environmental Management Agency [EMA].

I represented a miner once who was locked out of his claim by a former partner. We filed an urgent application for a spoliation order (a court order to restore possession). The application was granted within two weeks, a victory. However, by the time the full dispute was resolved in court, two years had passed. The miner had lost production, lost investors, and lost the momentum of the project. He won the legal battle but lost the mining war. The court cannot give you back those two years. It cannot restore your operational momentum. It cannot recover the capital you burned paying lawyers while your mine sat idle. This is why the smartest miners I know treat court as a weapon of last resort, not a first response.

What are your strategic options for dispute resolution?

Disputes under the Mines and Minerals Act [Chapter 21:05] in Zimbabwe are primarily resolved through a hierarchy of administrative reviews, specialised tribunals, and civil litigation, depending on the nature and complexity of the conflict.

The main mechanisms for resolving disputes include:

  1. Provincial Mining Directors (PMDs)

Formerly known as Mining Commissioners, the PMDs serve as the primary point of contact for local disputes (e.g., boundary conflicts, claim pegging, and miner-landholder disagreements). The PMD investigates the issue and makes an administrative determination, often mandating a cessation of mining operations if the situation requires it.

  1. Appeals to the Minister

If either party is dissatisfied with the PMD’s determination, they can appeal directly to the Ministry of Mines and Mining Development. The Minister has the authority to review the case and confirm, vary, or overturn the PMD’s decision.

  1. Civil Litigation and the High Court

The Act gives the High Court original jurisdiction over most civil disputes, including claim ownership and breach of contract. Parties can approach the courts directly for interdicts (such as halting illegal or disputed mining) or if the nature of the dispute falls outside the PMD’s statutory mandate.

  1. Arbitration

For commercial or contractual mining disputes (such as Tribute Agreements), parties may opt for private arbitration. This is governed by the Arbitration Act [Chapter 7:15] and provides a binding resolution process.

  1. Mining Affairs Board

Handles disputes around the granting, withdrawal, or cancellation of mining titles and certain land use agreements.

Options I would recommend as the most practical

While boundary and title disputes belong to the Provincial Mining Director, commercial conflicts, such as Tribute Agreements, joint venture breakdowns, or shareholder deadlocks, require a completely different battleground. For these, private commercial arbitration is your business’s ultimate shield.

Option 1: Negotiation and direct settlement

This is the fastest, cheapest, and most effective dispute resolution mechanism. It is also the one most miners skip because they are too angry to think straight. When a dispute arises, your first move should be to sit down with the other party. Not in a confrontational way, but as a business problem to be solved. Often, disputes arise from miscommunication, not malice. A direct conversation, sometimes facilitated by a neutral third party, can resolve the issue in days. The key is to approach negotiation strategically. Before you meet, define your walk-away position. What is the absolute minimum you will accept? What are you willing to give up? What is non-negotiable? If you go into negotiation without clarity on these points, you will either capitulate or deadlock.

I had a client in a dispute over royalty payments with a custom milling operator. The miner believed the operator was underpaying; the operator claimed the miner was overestimating production. Rather than litigate, we arranged a meeting with both parties and an independent metallurgist. The metallurgist reviewed the production data, clarified the discrepancy (a simple accounting error), and the dispute was resolved in one day. The cost: a few hours of my time and the metallurgist’s fee. The alternative: two years in court.

Option 2: Mediation, when Negotiation stalls

If direct negotiation fails, mediation is the next logical step. A mediator is a neutral professional who facilitates a structured conversation between the parties. The mediator does not impose a decision; they help the parties find their own solution. Mediation is remarkably effective in mining disputes because it allows both parties to vent their grievances, be heard, and then focus on solving the problem. Many disputes have an emotional component; a feeling of betrayal or disrespect that must be acknowledged before a rational solution can emerge. In Zimbabwe, mediation is governed by common law principles and is increasingly recognised as a professional service. The process typically works like this: each party meets with the mediator separately to explain their position. The mediator then shuttles between the parties, identifying common ground and exploring potential solutions. If both parties agree on a solution, the mediator drafts a settlement agreement.

Mediation is confidential, which means nothing said in mediation can be used against you in court if the process fails. This confidentiality is crucial, it allows parties to be candid and creative without fear of legal consequences.

Option 3: Arbitration, the Miner’s secret weapon

This is where the real power lies. Arbitration is a private, binding process where the parties present their case to an arbitrator (or a panel of Arbitrators) rather than a Judge. The Arbitrator makes a final decision, which is binding and extremely difficult to appeal.

For miners, arbitration is transformative. Here is why:

  1. Speed

Arbitration typically takes six to twelve months from start to finish. The parties control the schedule. There is no court congestion. No postponements because the judge is busy with other cases. You set the timeline, and the arbitrator works within it.

  1. Expertise

In arbitration, you can select an arbitrator who understands metallurgy, mining finance, and the realities of extraction. You are not wasting time educating the decision-maker on how a mine works.

  1. Confidentiality

Court proceedings are public. Your proprietary geological data, your financial records, your production figures, all become public record. In arbitration, everything is private. What is discussed stays confidential. This protects your competitive advantage and your investor relationships.

  1. Finality

Once an arbitral award is issued, it is final. Under Zimbabwe’s Arbitration Act, the High Court will only overturn an award on very narrow grounds, essentially, if the arbitrator violated public policy or acted with gross misconduct. This finality is powerful. You get a decision, and you move on. No endless appeals.

  1. Enforceability

Zimbabwe is a signatory to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. This means an arbitral award issued in Zimbabwe can be enforced in virtually any country in the world. If your opponent has assets abroad, you can pursue them. This is far more powerful than a court judgment, which may not be recognized internationally.

How to build a Dispute Resolution plan before you need it

The miners who survive disputes are the ones who plan for them before they happen. Here is a practical roadmap:

Step 1: Draft a tiered Dispute Resolution clause in every Contract

Every mining agreement, whether it is a joint venture agreement, a partnership agreement, a supply contract, or an equipment lease, must contain a dispute resolution clause. This clause should specify a tiered approach. If a dispute arises, the parties will attempt to resolve it through direct negotiation within 30 days. If negotiation fails, the parties will submit to mediation for a further 30 days. If mediation fails, the dispute will be submitted to binding arbitration in Harare under the rules of the Commercial Arbitration Centre. By inserting this clause, you are not anticipating failure; you are engineering a process that keeps disputes private, swift, and manageable.

Step 2: Choose your Arbitrator in advance [provided the other party mutually agrees]

Some sophisticated mining companies identify potential Arbitrators before they are needed. They research arbitrators with mining experience, check their track records, and even have preliminary conversations. When a dispute arises, they already know who they want to arbitrate it. This sounds excessive, but it is not. It saves time and ensures you have an Arbitrator you trust.

Step 3: Document everything

The best defense in any dispute is clear documentation. Every agreement should be in writing. Every significant conversation should be followed by an email confirming what was discussed. Every payment should be documented. Every production figure should be recorded. When a dispute arises and you go to Arbitration, the Arbitrator will want to see the documentary evidence. If you have it, you are in a strong position. If you do not, you are vulnerable.

Step 4: Preserve evidence

If a dispute erupts, your first instinct might be to retaliate. Resist that instinct. Instead, preserve evidence. Take photographs. Record production figures. Preserve emails and WhatsApp messages. Document any breaches or violations. This evidence will be crucial if the dispute goes to arbitration and because arbitration is confidential, you can present sensitive evidence without fear of public exposure.

Step 5: Act quickly, but strategically

If a dispute arises, do not delay. Contact a lawyer immediately. But do not rush to court. Instead, work with your lawyer to develop a dispute resolution strategy. Should you attempt negotiation first? Is mediation appropriate? Should you go straight to arbitration? The right strategy depends on the specific dispute, the relationship with the other party, and your business objectives. A good lawyer will help you navigate these choices.

In conclusion

As a lawyer, I have seen disputes destroy mining operations that had excellent geology, solid capital and experienced management. The difference between those that survived and those that did not was not the strength of their legal case, it was their dispute resolution strategy.

Here is what I tell every miner I advise:

The first thing is to build dispute resolution clauses into every contract you sign. Make Arbitration your default mechanism for resolving disputes. Secondly, when a dispute arises, resist the urge to rush to court. Instead, follow a tiered approach: negotiate first, mediate second, arbitrate third. The court should be your last resort. Thirdly, choose your Arbitrator carefully. Invest in someone with mining experience who understands the realities of your operation. Fourth, document everything. Your documentary evidence is your best defence. Last but not least, act quickly, but strategically. Get legal advice immediately, but do not let anger drive your decisions.

The miners who thrive are not the ones who win the most legal battles. They are the ones who avoid legal battles altogether by resolving disputes swiftly, privately, and strategically. They keep their mines operating, their investors confident, and their focus on extraction rather than litigation.

Your next dispute is coming. It is not a question of if, but when. The question is: will you be ready?


About the Author:

Namatirai Ruzvidzo is a registered Legal Practitioner, Conveyancer and Notary Public. She possesses over 15 years of experience specialising in Commercial law, Mining law and Property law. She practices in Avondale, Harare, under the Law Firm, Ruzvidzo Legal Counsel. She can be reached on +263 784 228 534 or email [email protected], copying [email protected]

Caledonia Warns Gold Boom Is Pulling Zimbabwean Children from Classrooms into Mines

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Caledonia Mining Corporation has warned that soaring gold prices are drawing school-age children into Zimbabwe’s informal mining sector, as the lure of quick earnings pulls young people out of classrooms and into hazardous work, Mining Zimbabwe can report.

By Ryan Chigoche

The Victoria Falls-listed gold producer, which operates Blanket Mine in Gwanda, said in its latest sustainability report that unregulated artisanal and small-scale mining (ASM) poses significant safety, environmental, legal and supply chain risks, adding that elevated gold prices have made informal mining “increasingly attractive, including for youth.”

The warning comes as gold continues its historic rally. The World Gold Council reported that the precious metal reached fresh record highs in 2025, with quarterly average prices exceeding US$4,000 per ounce, strengthening incentives for informal mining in Zimbabwe and other gold-producing countries.

However, behind Zimbabwe’s record gold prices lies a growing social cost. In mining communities, the promise of quick earnings is increasingly pulling children out of classrooms and into dangerous informal mining operations, raising concerns that the country’s gold boom is being accompanied by a silent education crisis.

As a solution, Caledonia said it supports stronger regulation and the formalisation of artisanal mining as a way to reduce the risks associated with informal operations. The company stressed that it does not operate, finance or purchase gold from artisanal miners, adding that illegal mining remains closely linked to unsafe working conditions and the involvement of school-age children.

These concerns reflect a wider global pattern. In its 2025 Global Estimates of Child Labour report, the International Labour Organisation (ILO) and UNICEF estimated that 138 million children were engaged in child labour in 2024, including 54 million in hazardous work. The agencies warned that poverty, weak social protection and limited access to quality education continue to push children into dangerous sectors, with Sub-Saharan Africa remaining the most affected region.

Zimbabwe is no exception. A 2023 ILO report estimated that thousands of Zimbabwean children are engaged in hazardous work in artisanal mining, although comprehensive national data remains limited.

The US Embassy in Harare has similarly reported that economic hardship has contributed to rising child labour in artisanal mining, with girls as young as 12 being exploited through sex trafficking in gold mining communities in Mashonaland East, Mazowe, Bindura and Shurugwi.

Zimbabwean law sets the minimum age for employment at 16 and prohibits anyone under 18 from undertaking hazardous work. However, weak enforcement, limited inspection capacity and persistent poverty continue to push vulnerable families towards informal mining.

With gold prices expected to remain elevated, the challenge for policymakers is becoming increasingly urgent. While formalising the ASM sector may improve oversight and safety, the powerful economic pull of record gold prices continues to undermine school attendance and expose children to hazardous work, highlighting the need for stronger enforcement, stronger social protection and greater investment in education to keep children out of the pits and in the classroom.

Gold Forecast Cut to $4,500: What It Means for Zimbabwe

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Just weeks ago, JPMorgan was telling the market to expect gold at $6,000 per ounce by year-end. Now, the investment bank has pulled back sharply, forecasting $4,300 in the third quarter and $4,500 by December, Mining Zimbabwe can report.

By Ryan Chigoche

For Zimbabwe’s gold mining sector, the revision is a mixed bag. Prices remain historically strong — nowhere near the lows that once crippled the industry — but the super-charged rally that many had banked on is no longer in the cards. And with that, so too goes the prospect of a 10% royalty windfall for the fiscus.

The bank blamed softer demand from key physical markets and warned that hotter-than-expected U.S. economic data over the summer could push the Federal Reserve to raise interest rates sooner than anticipated. That would put pressure on gold, which offers no yield, as investors chase better returns elsewhere.

On Friday, spot gold climbed 1.3% to $4,174.21 per ounce by 1241 GMT, touching its highest level since June 23. For the week, bullion was up more than 2%. Still, the $6,000 mark that seemed within reach just a month ago now looks like a bridge too far for 2026.

Why the 10% Royalty Won’t Bite – For Now

Under Zimbabwe’s sliding-scale royalty regime, the rate at which gold is taxed depends entirely on where the international price lands:

· 3% when gold is below US$1,200 per ounce
· 5% when it trades between US$1,201 and US$5,000
· 10% only when the price surpasses US$5,000

With JPMorgan now calling a peak of $4,500, the top tier simply won’t be triggered this year. That means the Treasury will have to make do with the 5% rate for large-scale producers, missing out on the extra revenue that a $6,000 price would have delivered.

It’s worth noting that the 10% rate was never going to apply to small-scale miners anyway. The artisanal and small-scale mining sector, which accounts for over 60% of Zimbabwe’s gold deliveries, remains subject to a lower royalty of up to 2% — and that hasn’t changed.

Meanwhile, Zimbabwe has set its sights on producing 50 tonnes of gold annually by 2026/2027 — an ambitious goal that requires sustained investment, formalisation of informal miners, and a supportive price environment.

At $4,500 per ounce, a 50-tonne annual output would bring in around $225 million in export earnings. That’s still a hefty sum, but it falls well short of the $300 million that would have come with a $6,000 price tag.

The Long View Remains Bullish

Despite the near-term pullback, JPMorgan hasn’t turned bearish on gold. Far from it. The bank still expects prices to push higher into 2027, driven by sustained central bank buying and structural shifts such as de-dollarisation.

That longer-term picture aligns with Zimbabwe’s own ambitions. The Gold Mobilisation Programme, ongoing formalisation efforts, and incentives for producers are all geared toward unlocking that 50-tonne target — and if JPMorgan’s long-term call proves right, the pricing environment should eventually cooperate.

Gold buying prices in Zimbabwe per gram/ ounce, 7 July 2026

Gold buying prices in Zimbabwe per gram/ ounce, 7 July 2026, from the official gold buyer and exporter, Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice (US$/g)Price (US$/oz)
SG 90% and Above125.063,889.80
SG 85% but Less Than 90%123.733,848.44
SG 80% but Less Than 85%122.413,807.39
SG 75% but Less Than 80%121.083,766.03
Sample (5–10 g)119.103,704.45
Fire Assay (Cash)125.723,910.33

 

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.


#GoldPrices #GoldBuying #GoldMarket #GoldTrading #GoldRate #GoldPriceToday #GoldNews #PreciousMetals #GoldIndustry #GoldEconomy #FidelityGoldRefinery

Bikita Minerals to Commission Zimbabwe’s Biggest Lithium Sulphate Plant This Year

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Bikita Minerals is pushing ahead with plans to commission Zimbabwe’s largest lithium sulphate processing plant this year, a US$400 million project that will cement the country’s position as Africa’s leading lithium producer and redefine its role in the global electric vehicle supply chain.

By Rudairo Mapuranga

The plant, which is being developed by the Sinomine Resource Group subsidiary, is targeting an annual output of 100,000 tonnes of lithium sulphate once fully ramped up. This capacity will make it the single largest lithium sulphate facility in Africa, surpassing the 50,000- to 60,000-tonne plant recently commissioned by Prospect Lithium Zimbabwe at Arcadia.

Sinomine Resource Group Chairman Wang Pingwei recently confirmed to President Emmerson Mnangagwa that the company is “going all out” to complete the 100,000-tonne-per-year lithium sulphate plant, describing it as “the largest lithium salt plant currently planned in Africa”. The facility will make a significant contribution to extending Zimbabwe’s lithium value chain.

The project is being delivered in phases, with the first phase targeting commissioning this year (2026). Preliminary and site works are already underway, with the company confirming that the project is no longer a plan on paper but “steel going into the ground”.

Bikita Minerals Deputy General Manager Amanda Makausi said the company is not waiting for the government’s January 2027 deadline banning all exports of unprocessed lithium.

“The question was never whether to invest in Zimbabwe. It was how quickly we could stop exporting our value and start building it,” Makausi said.

For decades, Bikita Minerals mined rock, processed it to a concentrate level, and shipped it abroad, with the real value—refining, chemistry, and jobs, created elsewhere. The new plant changes that, transforming Bikita from a concentrate exporter into a producer of battery-precursor chemicals and keeping that value inside Zimbabwe.

Lithium sulphate is a high-value intermediate product that feeds directly into the lithium carbonate and hydroxide used to power electric vehicles. By producing it domestically, Zimbabwe moves up the value chain from being a supplier at the very bottom to a participant in the stages where value is actually created.

The project rests on a formidable ore body. Bikita’s lithium resources have grown to more than 113 million tonnes, containing 1.17 million tonnes of lithium oxide at 1.03% Li₂O (equivalent to 2.88 million tonnes of lithium carbonate equivalent). The deposit is one of Africa’s largest spodumene and petalite resources.

Sinomine acquired Bikita in February 2022, and the asset has since become a key pillar in the group’s global lithium strategy. The parent company is now seeking to raise up to US$764 million to expand African lithium and copper projects, with Zimbabwe central to those ambitions.

Zimbabwe is already Africa’s largest lithium producer and holds the world’s sixth-largest lithium reserves. Makausi identified several factors that make the country competitive for advanced processing: world-class grade and scale, the advantage of processing at the mine rather than shipping rock across oceans, improving power infrastructure (including solar generation and the Tokwe–Bikita power line), a capable workforce, and a government beneficiation policy that offers investors a stable horizon.

The energy infrastructure is being reinforced. Sinomine has installed a new 132kV power line linking Bikita to Masvingo, Nyika, and Zaka, and is constructing a 20MW solar project to future-proof operations.

The project is being built ahead of Zimbabwe’s January 2027 deadline banning all exports of unprocessed lithium. The government has insisted it will stick to that timeline despite pleas from other producers for an extension. Finance Minister Mthuli Ncube has said companies unable to build their own processing capacity can sign tolling agreements with those that have it, naming Bikita Minerals as one of the two companies expected to provide sufficient processing capacity.

Currently, among Zimbabwe’s seven major lithium producers, only Huayou Cobalt’s Prospect Lithium has completed and commissioned a lithium sulphate plant and achieved product shipments. Bikita Minerals and Kamativi are still under construction.

Bikita Minerals currently employs nearly 1,500 direct workers and supports thousands of indirect livelihoods. Once operational, the lithium sulphate plant will significantly boost export revenues and create additional jobs.

The company has also invested in a caesium flotation plant, the first facility globally dedicated to recovering low-grade caesium ores, alongside further investment in a tantalite processing facility. A US$3 million tantalite plant will reprocess more than 1.4 million tonnes of historic tailings annually.

“For a century, the world came to Africa for raw materials and left with the value. This plant is part of rewriting that narrative,” Makausi said.

With Zimbabwe’s lithium industry projected to reach a peak turnover of US$3.2 billion by 2030 from lithium sulphate production alone, and miners committing up to US$5 billion in new investment, Bikita’s US$400 million investment is a cornerstone of a broader transformation.

The question for other large lithium producers is now unavoidable: Where is your processing plant? By January 2027, no raw rock will leave Zimbabwe, only processed salts. Bikita is already building its answer.

June Gold Deliveries Hit 4.81 Tonnes, ASM Surges 30.6% as Second Quarter Output Reaches 12.08 Tonnes

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Total deliveries in June 2026 climb to 4,810 kg, up 21.7% month-on-month and 11.0% year-on-year. First-half cumulative output of 21.4 tonnes positions Zimbabwe firmly on course for its 50-tonne annual target.

Gold deliveries to Fidelity Gold Refinery (FGR) surged to their highest monthly level in over a year during June 2026, driven by a remarkable recovery in artisanal and small-scale mining (ASM) output and steady gains from large-scale operators.

Total deliveries for the month reached 4,810.0673 kg, a 21.7% increase from May 2026’s 3,951.0136 kg and an 11.0% rise compared to June 2025’s 4,331.7948 kg, according to official FGR statistics obtained by Mining Zimbabwe.

By Rudairo Mapuranga

The ASM sector, which now contributes approximately 75% of national gold production, delivered its strongest monthly performance since at least early 2025. ASM deliveries in June 2026 stood at 3,580.2739 kg, up 30.6% from May’s 2,740.7582 kg and 8.1% higher than June 2025’s 3,312.6102 kg. The month-on-month surge confirms that the formalisation drive, expanded buying-centre network, and improved enforcement against smuggling are translating into tangible output gains.

Large-scale miners also recorded modest growth, delivering 1,229.7934 kg in June, up 1.6% from May’s 1,210.2554 kg and 20.7% higher than June 2025’s 1,019.1846 kg. The consistent year-on-year growth in the large-scale segment—now exceeding 20% for seven consecutive months—reflects the steady recovery of capitalised mines following years of underinvestment and the injection of fresh capital from new and existing operators.

Second-Quarter Performance: Record-Breaking Momentum

The second quarter of 2026 delivered a total of 12,085.6735 kg of gold to FGR, representing a 29.8% increase from the first quarter’s 9,311.9240 kg and a 2.9% rise compared to the second quarter of 2025, which recorded 11,746.4961 kg. The quarter-on-quarter growth is the strongest since the formalisation drive began in earnest, underscoring the accelerating momentum across the sector.

ASM deliveries in the second quarter reached 8,431.6871 kg, up 29.5% from the first quarter’s 6,510.9110 kg. However, compared to the second quarter of 2025—which delivered 8,790.8174 kg—ASM output declined by 4.1%. The year-on-year decline reflects the ongoing transition from informal to formal production, as enforcement against smuggling and the registration backlog temporarily compress officially reported output before a sustained increase materialises.

Large-scale deliveries in the second quarter totalled 3,653.9864 kg, up 30.4% from the first quarter’s 2,801.0130 kg and 23.6% higher than the second quarter of 2025’s 2,955.6787 kg. The large-scale segment’s consistent growth trajectory provides a stable foundation upon which ASM’s variable but high-growth output can build.

First-Half Cumulative Output: Strengthening Position

Cumulative deliveries for the first half of 2026 now stand at 21,397.5975 kg, compared to 20,345.5953 kg in the same period of 2025—a 5.2% increase. The widening margin is encouraging, especially given that the first quarter had delivered only a modest 1.3% lead over the previous year. June’s strong performance has extended that lead significantly.

At this pace, Zimbabwe has already delivered over 21.4 tonnes of gold in the first six months, leaving 28.6 tonnes to reach the ambitious 50-tonne annual target. Historical production patterns show that the third quarter (July through September) is typically the strongest, as drier weather, reduced labour demands from agriculture, and the full impact of formalisation programmes converge. In 2025, deliveries in the third quarter alone exceeded 12.3 tonnes.

50-Tonne Target: Within Striking Distance

To achieve 50 tonnes by year-end, Zimbabwe needs average monthly deliveries of approximately 4,767 kg for the remaining six months (July–December). June’s 4,810 kg has already exceeded that required average, and with the third quarter historically delivering the highest volumes of the year, the target appears increasingly attainable.

FGR’s own projections remain optimistic, citing several factors that will drive further growth:

Large-Scale Mining: The Reliable Engine

While ASM delivery volumes have been volatile, the large-scale mining segment has demonstrated remarkable consistency. June’s 1,229.7934 kg was the highest monthly figure since at least early 2024, and the 20.7% year-on-year increase marks the seventh consecutive month of double-digit annual growth.

Key drivers of large-scale performance include:

  • Mutapa Gold’s operations—Freda Rebecca, Shamva, and Jena mines have all recorded production increases following the injection of fresh capital and management focus under the sovereign wealth fund’s restructuring.
  • RioZim’s Renco Mine—now fully stabilised after its successful capital restructuring, Renco is contributing a steady 150–180 kg per month, with plans to increase output as underground development advances.
  • Caledonia’s Blanket Mine—despite earlier policy headwinds, Blanket continues to produce at around 80 kg per week, with the Bilboes expansion progressing on schedule for initial production in 2028.
  • Namib Minerals’ resurgence—the phased reopening of Mazowe and Redwing, backed by a US$300–400 million investment programme, is expected to add significant volumes from the second half of 2026.

As these large-scale projects reach full production, the segment could deliver 1,500–1,800 kg per month by year-end, providing a reliable baseline that complements ASM’s high-growth but variable output.

ASM Formalisation: From Transition to Transformation

June’s 30.6% month-on-month ASM surge and 8.1% year-on-year growth represent the strongest evidence yet that the formalisation drive has moved from disruption to delivery. April’s year-on-year decline of 27.9% had raised concerns about the pace of transition, but May’s 7.4% growth and June’s 8.1% expansion confirm that the sector has adapted to the new regulatory framework.

The digital Gold Card system, which provides a biometric identification and production-tracking mechanism, has now been rolled out across all mining provinces. Registered miners gain access to formal financing, equipment loans, technical support, and direct off-take agreements with FGR. The system also enables traceability from mine to refinery, a critical requirement for accessing premium international markets that demand ethical and transparent supply chains.

Magaya Mining’s training hubs in Kwekwe, Chegutu, and Mazowe have now graduated over 450 artisanal miners, with 1,200 more in the pipeline. These certified miners are required to sell exclusively to licensed buyers such as FGR, directly feeding the official delivery channel. The company’s contract-mining model at Elvington Mine, where artisanal miners share production with Mutapa Gold on an inclusive and equitable basis, is being replicated at other sites.

The Zimbabwe School of Mines, in partnership with Mutapa Gold and Magaya Mining, is delivering mobile training directly in mining hubs, reducing the logistical barriers to certification. Mines and Mining Development Minister Dr Polite Kambamura has described the programme as “a blueprint for mobile mining schools, training delivered directly in mining hubs across all provinces.”

Policy Environment: Supporting Growth

The government’s policy framework has evolved to support the sector’s expansion while addressing long-standing challenges:

  • 100% foreign-currency retention for ASM miners—artisanal miners are permitted to retain all of their export earnings, providing a powerful incentive to sell through official channels. The policy has been credited with driving the surge in ASM deliveries over the past 18 months.
  • 30% surrender requirement for large-scale miners—while this policy remains a point of contention, the government and mining industry are in ongoing discussions to recalibrate the retention model to balance fiscal needs with investment incentives.
  • Gold Trade Enforcement Unit (GTEU)—the unit’s expanded operations have reduced smuggling and illicit trading, capturing value that previously leaked out of the formal economy.
  • Gold Development Initiative Fund (GDIF)—contributions from small-scale miners are being channelled back into the sector through equipment loans, technical support, and infrastructure development.

Outlook: Record Year in Sight

June 2026’s delivery statistics send an unambiguous signal: Zimbabwe’s gold-production boom is accelerating. The 21.7% month-on-month increase in total deliveries, the 30.6% ASM surge, and the 5.2% cumulative lead over 2025 all point to a sector that is outgrowing its previous records.

With the third quarter historically delivering the highest volumes of the year, formalisation programmes gaining traction, large-scale mines ramping up, and enforcement against smuggling tightening, the second half of 2026 is poised to deliver the strongest gold output in Zimbabwe’s history.

The numbers speak for themselves: 21.4 tonnes in six months, June alone delivering nearly 4.8 tonnes, and a trajectory that points firmly upward. The 50-tonne target, once considered a stretch goal, now appears not just achievable but increasingly likely. Zimbabwe’s gold dominance is not a mirage—it is being forged, month by month, kilogram by kilogram, in the tunnels and stamp mills of a nation committed to extracting its full mineral wealth.