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Government Banks on Mining to Sustain Growth Amid Global Headwinds

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Government Banks on Mining to Sustain Growth Amid Global Headwinds

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 Raises US$17m From Zenit Stake Sale to Fund Dokwe Gold Project

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Ariana Raises US$17m From Zenit Stake Sale to Fund Dokwe Gold Project

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.

How Mangwe’s ASM Fortune Projects Is Writing a Different Mining Story

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How Mangwe’s ASM Fortune Projects Is Writing a Different Mining Story

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.

Gold buying prices in Zimbabwe per gram/ ounce, 19 May 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 19 May 2026

Gold buying prices in Zimbabwe per gram/ ounce, 19 May 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above136.284,238.39
SG 85% but less than 90%134.844,193.60
SG 80% but less than 85%133.394,148.50
SG 75% but less than 80%131.954,103.71
Sample (5–10g)129.794,036.52
Fire Assay CASH137.004,260.78

 

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

How Artisanal and Small-Scale Miners Are Slowly Entering Zimbabwe’s Formal Banking System as Banks Improve Access to Finance

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How Artisanal and Small-Scale Miners Are Slowly Entering Zimbabwe’s Formal Banking System as Banks Improve Access to Finance
Zimbabwe’s small-scale mining sector is increasingly being pulled into the formal financial system as commercial banks restructure how credit is extended to artisanal and emerging producers, shifting away from traditional collateral toward gold-backed and compliance-driven lending models, Mining Zimbabwe can report.

By Ryan Chigoche

The transition reflects a broader attempt to close a persistent financing gap in a sector that plays a critical role in gold output and foreign currency generation, yet has historically operated outside formal banking structures.

The shift was evident at MINEX 2026 in Zvishavane, where financial institutions used the platform to deepen engagement with small-scale miners and present structured entry points into formal banking.

At the centre of this transformation is a long-standing constraint: although Zimbabwe’s commercial banking sector holds an estimated US$6 billion lending capacity, small-scale miners have largely remained excluded due to limited collateral, informal production records, and weak integration into formal financial systems.

Banking exposure in Zimbabwe’s mining sector is increasingly segmented, reflecting different risk profiles and scales of operation across the industry.

At the top end, Stanbic Bank Zimbabwe is active in large-scale syndicated mining finance, including its role in structuring funding for major gold developments such as Caledonia Mining’s Bilboes Gold Project, alongside other consortium-backed mining transactions. This segment of financing is heavily project-driven, often linked to infrastructure, energy security, and long-term production expansion.

Alongside it, CBZ Holdings has established itself as one of the most active local financiers in the mining sector, committing approximately US$254 million toward mining-related financing across Zimbabwe’s extractive industry.

A significant portion of this funding has been directed toward Dallaglio Investments’ Pickstone Peerless and Eureka Gold Mine operations, where CBZ-backed facilities have supported plant refurbishments, production restart initiatives, and working capital requirements aimed at stabilising and scaling output.

Beyond gold, CBZ is also playing a strategic enabling role in the Karo Platinum Project, where structured financing supports contractor mobilisation, supplier development, and broader infrastructure rollout within the large-scale platinum mining ecosystem.

At the mid-tier level, NMB Bank Zimbabwe focuses on export-oriented mining operations, extending offshore-backed credit lines sourced from regional and European financiers. These facilities are primarily used for machinery imports and production scaling among established mining companies.

At the base of the sector, ZB Financial Holdings is targeting artisanal and small-scale miners through financial inclusion strategies designed to integrate informal operators into the formal banking system.

Rather than treating small-scale mining as peripheral, ZB has positioned it as a structured growth segment, using platforms such as MINEX to onboard miners, provide advisory services, and extend tailored financial products at the point of engagement.

From informal production to bankable cash flows

Behind this shift is a fundamental redefinition of how mining income is assessed.

Instead of relying on traditional collateral such as property or fixed assets, banks are increasingly using Fidelity Gold Refinery (FGR) deposit records as a proxy for creditworthiness.

Under this model, miners who consistently deliver gold through formal channels build a verifiable production history that is then used to assess income stability and determine access to credit.

This allows financial institutions to structure microfinance and asset-based loans, in some cases up to around US$20,000, based on production performance rather than physical assets.

For many small-scale operators, this marks a shift from informal cash trading to traceable financial behaviour, forming the basis for gradual integration into the formal economy.

Equipment financing reshapes access to machinery

Beyond direct lending, banks are increasingly relying on capital equipment leasing models to reduce risk while expanding access to mining machinery.

Under this structure, banks do not disburse cash directly. Instead, they purchase equipment such as compressors, stamp mills, or excavators from suppliers and retain ownership of the assets.

The miner repays the cost through structured monthly instalments funded by mineral sales, while the bank retains the right to repossess equipment in the event of default.

This model reduces credit exposure while enabling miners to access machinery that would otherwise be difficult to finance under conventional lending terms.

Building formal systems around informal mining

Taken together, these mechanisms reflect a steady shift toward formalising Zimbabwe’s small-scale mining sector through financial integration rather than exclusion.

Digital platforms are being used to improve transaction tracking and encourage financial discipline, while gold buying centres continue to draw mineral flows into regulated markets.

Access to larger facilities is increasingly tied to compliance requirements, including mine registration documents, Environmental Management Agency (EMA) certificates, and Environmental Impact Assessments (EIA), particularly for higher-value lending.

The direction is clear: access to capital is becoming inseparable from compliance and traceability.

What is unfolding is not just an expansion of banking services into mining, but a restructuring of how the sector itself operates.

Financial institutions are increasingly shaping the rules of engagement, from how miners document production, to how equipment is acquired, to how output is channelled into formal markets.

For miners, the shift opens a pathway into structured finance that did not previously exist at scale. For banks, it represents a calculated expansion into a high-output but historically informal sector.

MINEX 2026 captured that transition in practical terms, not as a future ambition, but as a system already taking shape in real time across Zimbabwe’s mining landscape.

Mine Managers Praises Muriel Mine’s Dump Retreatment Strategy as Exploration Extends Life to Five Years

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The Association of Mine Managers of Zimbabwe (AMMZ) has commended Pan African’s Muriel Mine for its successful dump retreatment operation and exploration-driven revival, with industry leaders noting that the approach offers a template for other mining operations facing resource depletion, Mining Zimbabwe can report.

By Rudairo Mapuranga

Speaking to this publication on the sidelines of a technical visit to the Banket-based mine, AMMZ President Gift Mapakame highlighted the significance of retreating historical tailings using efficient technologies while reducing the carbon footprint of mining operations.

“When we thought that we were depleting our resources, we were not fully utilising our resources as we have seen,” Mapakame said. “We have always been mining, but we still have an opportunity to have greener mining operations, a greener mining economy, by going and retreating materials with more efficient technologies. There is no mobile equipment—just pumping and processing and then tailings storage.”

Mapakame also noted the importance of leadership investing in all facets of the industry, including exploration and even insurance partnerships, to sustain operations.

George Wayeni, AMMZ Vice President and a representative of RZM Murowa, described the visit as “quite an insightful engagement,” noting that Muriel Mine has breathed new life into the operation by utilising dumps that would otherwise have been written off.

“They have done well to do that,” Wayeni said. “Revenues now coming from this project are funding exploration for the future. We see that future manifesting into a reality because they are now going to start construction of the front end of the plant. It’s a very good initiative that we see, and lots of other operations that we have seen over the years can actually take a leaf from this initiative and generate revenues that can be used to sustain businesses.”

Muriel Mine’s hydrosluicing operation, which uses high-pressure water jets to break down consolidated tailings, is now in its final five months, Resident Engineer Takudzwa Kaisi told the delegation. The operation has treated 1.166 million tonnes in 2025, up from 200,000 tonnes in 2023, with gold production reaching 20,000 ounces (630 kilograms) last year.

Recovery rates have moderated to between 70% and 75% due to metallurgical challenges, including elevated copper levels—reaching 0.5% in some zones—and preg-robbing carbonaceous material inherent to the ore. The mine manages these issues through selective mining and blending.

Pan African invested US$20 million in exploration, extending Muriel’s underground life-of-mine from an effective three months to five years, while the nearby Aysha deposit now holds 1.3 million ounces of resources with a 30-year mine life.

Geologist Rachel, who presented the resource update, emphasised that exploration was critical to the mine’s survival. “When you stop exploring, you’re actually going to expire,” she told the delegation. “Muriel Mine is an example where exploration has been very much key to the livelihood of the mine.”

The newly delineated underground reefs, including the South Reef and extensions in the Fortuna and Cape Gum areas, are not yet being mined. The operation is currently constructing a crusher to process the harder primary ore from these zones, with the transition expected to follow the depletion of the dump.

Wayeni noted that the technical visit drew strong attendance, with operations from across the country participating.

“Initially, we were pushing people to register, but in the end, we really got a very good turnout,” he said. “We can only move forward from here. It’s good that we get to have these interactions as the Association of Mine Managers, together with all our partners.”

With gold prices remaining favourable, Wayeni added that the current environment presents an opportunity for the industry to invest and grow.

“It’s the time to really go for it,” he said.

The AMMZ technical visit included presentations by Resident Engineer Takudzwa Kaisi, Senior Plant Metallurgist Webster Chemhuru, geologist Rachel, the plant manager, and the finance manager, followed by a site tour of the hydrosluicing operation, the carbon-in-leach plant, and the tailings storage facility.

Gold buying prices in Zimbabwe per gram/ ounce, 18 May 2026

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Gold buying prices in Zimbabwe per gram/ ounce, 18 May 2026

Gold buying prices in Zimbabwe per gram/ ounce, 18 May 2026, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above134.764,191.82
SG 85% but less than 90%133.344,147.65
SG 80% but less than 85%131.914,103.16
SG 75% but less than 80%130.484,058.67
Sample (5–10g)128.343,992.11
Fire Assay CASH135.484,214.22

 

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

Ariana Expands Dokwe Gold Project as New Drilling Extends Mineralisation Beyond Resource Boundary

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Ariana Expands Dokwe Gold Project as New Drilling Extends Mineralisation Beyond Resource Boundary
Ariana Resources PLC has signalled strong expansion potential at its Dokwe Gold Project in Zimbabwe after new drilling results confirmed that gold mineralisation extends beyond the current resource boundary, Mining Zimbabwe can report.

Ryan Chigoche

The AIM and ASX-listed explorer said results from its 2025–2026 drilling programme indicate that mineralisation at Dokwe North continues at least 150 metres beyond the existing resource area, reinforcing the project’s long-term growth prospects.

Recent drilling has returned several encouraging intercepts, including 22 metres at 1.49 grams per tonne gold from 111 metres, 8 metres at 1.20 grams per tonne from 65 metres, and 1 metre at 3.77 grams per tonne from 101 metres.

The company said the results confirm that mineralisation remains open and occurs within shallow oxidised zones, a setting generally considered favourable for potential open-pit development.

At Dokwe Central, additional drilling has also delivered positive results, including 2 metres at 4.67 grams per tonne gold from 174 metres and 4 metres at 1.56 grams per tonne from 52 metres. Early work at the Sinkwe prospect has similarly continued to return indications of shallow gold mineralisation, adding further support to the broader prospectivity of the Dokwe project area.

Taken together, the results point to more than isolated mineral hits, instead suggesting a relatively consistent mineralised system with continuity across different zones. The combination of intercept widths and grades indicates that gold is occurring in thicknesses that could be considered meaningful in a potential mining scenario, particularly when viewed alongside the shallow depth profile reported in parts of the system. This also adds weight to the view that the mineralisation remains open, leaving room for further resource growth as drilling continues to step out from the current boundary.

Managing Director Kerim Sener said the company is now focusing on more detailed drilling to support upcoming feasibility studies and advance technical planning at Dokwe Central. He added that a resource update is expected in the second half of 2026 as the project moves into its next stage of development planning.

Dokwe is already regarded as one of Zimbabwe’s larger undeveloped gold assets, hosting a combined mineral resource of more than 1.4 million ounces of gold across Dokwe North and Dokwe Central.

The two deposits sit in close proximity but display different geological characteristics. Dokwe North is characterised by broader, lower-grade mineralisation, while Dokwe Central contains higher grade zones, giving the project development flexibility depending on future mining scenarios.

The deposit was initially identified through regional soil sampling and lies within Zimbabwe’s well known greenstone belt terrain, an area historically associated with significant gold production. Since Ariana’s acquisition through its 2024 merger with Rockover Holdings, the resource has increased by about 40%, supported by ongoing drilling and improved geological understanding.

Earlier studies suggest the project could support a phased development approach, potentially including open-pit mining and a processing plant capable of producing up to 100,000 ounces of gold per year under a larger-scale development scenario.

The latest drilling results continue to reinforce Ariana’s view that Dokwe still holds significant expansion potential, with further exploration expected to refine the resource base and guide future development decisions as the company advances toward a revised resource update in the second half of 2026.

Chamber of Mines Zimbabwe Postpones 2026 Annual Mining Conference to June

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Chamber of Mines Zimbabwe Postpones 2026 Annual Mining Conference to June

Chamber of Mines Zimbabwe (CoMZ) has shifted its annual mining conference, which had been scheduled for the 26th to 29th of May 2026, to accommodate senior government officials who requested a change in dates, according to a notice issued to delegates.

By Rudairo Mapuranga

The executive event will now be held from 17–20 June 2026.

“Due to circumstances beyond our control, and specifically to accommodate most key government officials who have requested a convenient date that will enable them to participate, the Annual Mining Conference dates have been shifted,” read the notice dated 16 May 2026.

The conference, organised under the Chamber of Mines of Zimbabwe umbrella, is the premier gathering for Zimbabwe’s mining industry, which contributes about 73% of the country’s export earnings and roughly 13% of GDP. The event typically draws mining executives, policymakers, investors, and government officials.

Zimbabwe holds the world’s second-largest chrome reserves, Africa’s largest lithium deposits, and significant platinum group metals, gold, diamonds, and coal assets. The government has made mining central to its Vision 2030 target of becoming an upper-middle-income economy.

BREAKING: Eureka GM Nelson Banda leaves Eureka for a senior role in Central Africa

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BREAKING: Eureka GM Nelson Banda leaves Eureka for a senior role in Central Africa

Engineer Nelson Banda has resigned from the position of General Manager at Dallaglio Investment’s flagship, Eureka Mine.

Banda confirmed the development, saying he will be taking on a new role in Central Africa.

“Yes, it is true. I will be transitioning into a senior leadership role in Central Africa,” Eng Banda said.

According to sources, Eng Zvaraya is currently the acting GM.

Mining Zimbabwe wishes Engineer Nelson Banda every success in his new leadership role.

This is a developing story…

 

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