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Central Banks Increase Gold Reserves as Global Demand Hits Record Levels

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Central banks globally are accelerating their shift towards gold, with a record number of monetary institutions planning to increase their gold reserves over the coming year, according to the World Gold Council’s 2026 Central Bank Gold Reserves Survey.

By Ryan Chigoche

The survey, which drew a record 76 responses from central banks worldwide between February and May 2026, found that an overwhelming 89% of reserve managers expect global central bank gold holdings to continue increasing over the next 12 months. A record 45% of respondents said they expect to increase their own institutions’ gold holdings, up from 43% last year, while only 1% anticipate a decrease.

Shaokai Fan, Global Head of Central Banks at the World Gold Council, commented: “This year’s survey sends a clear message: central bank demand for gold remains on an upward trajectory. A record number of respondents plan to add gold to their own reserves in the next year, while a large majority expect global official sector holdings to keep rising.”

The growing appetite for gold is being driven by a combination of longstanding reserve management considerations and a rapidly evolving geopolitical landscape.

Gold’s performance during times of crisis remains the top reason central banks hold the metal, cited by a record 90% of respondents. This was closely followed by gold’s role as a long-term store of value (84%) and as a portfolio diversification tool (82%). For emerging market and developing economy central banks, the geopolitical risk hedge function was particularly significant, with 85% highlighting this as a key consideration.

Beyond gold’s traditional role as a safe-haven asset, the survey points to another factor shaping reserve management decisions: expectations that the US dollar’s dominance could gradually weaken in the years ahead.

Nearly three-quarters of respondents (74%) expect the dollar’s share of global reserves to be lower five years from now. Interestingly, respondents believe the share of other major currencies, including the euro and renminbi, will remain largely unchanged over the same period. This suggests that gold, rather than any single currency, stands to be the primary beneficiary of the shifting reserve landscape.

The shift in reserve management strategies is not only influencing what central banks buy but also where they choose to store their bullion.

The Bank of England remains the most popular vaulting location at 57%, followed by domestic storage at 49% and the Bank for International Settlements at 16%. However, central banks are increasingly diversifying where they keep their gold. In the past 12 months, 9% of respondents increased domestic storage, up from 5% last year, while 10% diversified their overseas storage locations, a significant jump from just 2% previously. This trend is expected to continue, with 7% planning to increase domestic storage and 9% planning to diversify overseas locations in the coming year.

As central banks expand their gold holdings and reassess storage arrangements, attention is also turning to how future purchases will be financed.

When it comes to financing new gold acquisitions, half of respondents indicated they would do so through domestic purchase programmes in local currency. A further 38% said they would sell existing reserve assets to fund their gold buying.

Zimbabwe’s recent gold reserve accumulation mirrors many of the trends highlighted in the World Gold Council survey, underscoring how the global shift towards bullion is increasingly being reflected across African economies.

The country’s gold reserves stood at 4.48 tonnes as of May 2026, placing Zimbabwe 11th in Africa and third in the Southern African Development Community (SADC), behind South Africa and Mauritius.

The reserves have grown by approximately one tonne since President Mnangagwa’s previous inspection in 2025. Since April 2024, holdings have surged by 198.7% from just over one tonne, reflecting a deliberate strategy to strengthen the country’s reserve position and support the Zimbabwe Gold (ZiG) currency.

With authorities targeting five tonnes of gold reserves by year-end, Zimbabwe’s accumulation drive aligns with a broader global trend in which central banks are increasingly turning to bullion as a store of value, a hedge against uncertainty, and a cornerstone of reserve diversification.

Zimbabwe Will Not Pursue Growth at Any Cost: Dr Wushe

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Zimbabwe Will Not Pursue Growth at Any Cost, Dr Wushe Declares as He Emphasises Need for Environmental Protection

The urgency of balancing Zimbabwe’s mining expansion with environmental protection and agricultural preservation has taken centre stage, with Permanent Secretary for Mines and Mining Development Dr Thomas Utete Wushe warning that the country cannot afford to sacrifice its natural inheritance in pursuit of mineral wealth, Mining Zimbabwe can report.

By Ryan Chigoche

His call comes just weeks after President Emmerson Mnangagwa declared a state of disaster for 17 rivers, including the Mazowe, Save, Sanyati, Munyati, Mutare and Umzingwane, ravaged by years of legal and illegal alluvial mining.

An estimated 85,000 people in Chimanimani and Mutasa have been left exposed to polluted water and waterborne diseases from riverbed mining, while Bindura’s water crisis has been blamed on upstream mining operations.

Speaking at a World Wide Fund for Nature (WWF) Zimbabwe event on sustainable mining and environmental stewardship, Dr Wushe acknowledged the significant economic opportunities presented by the mining sector but stressed that the country will not pursue growth at any cost.

“Mining creates opportunity, but it also creates pressure on land, water, biodiversity and communities. These trade-offs are real, and they must be confronted, not ignored. Zimbabwe will not pursue growth at any cost,” Dr Wushe declared. “Our mineral wealth must drive tangible national development, uplift communities and guarantee a long-term environmentally sustainable future for the country.”

The Permanent Secretary’s remarks come as the government positions mining as a cornerstone of its economic transformation strategy, with ambitious targets for sector growth. However, he stressed that mineral development must coexist harmoniously with agriculture, tourism and other sectors that depend on healthy ecosystems.

The tension between mining and farming has become increasingly visible, with competing land-use claims sparking acrimony in areas where mining licences have been issued on prime agricultural land. Farmers have complained of contamination, displacement and reduced yields, while mining advocates point to the sector’s contribution of approximately 80% of export earnings and 12% of GDP.

Dr Wushe said the government bears responsibility for managing these competing interests through clear policy, enforced regulation and accountable institutions.

“The role of government is clear. It is to ensure that these trade-offs are managed in the national interest, guided by clear policy, enforced regulation and accountable institutions.”

On the regulatory front, Dr Wushe revealed that the Ministry of Mines and Mining Development is finalising the new Mines and Minerals Bill, a modern legislative framework designed to replace the archaic Mines and Minerals Act (Chapter 21:05), which dates back to 1961. The new law is expected to introduce a digital cadastre system to eliminate mining claim disputes, strengthen environmental compliance and require companies to contribute to rehabilitation funds before operations begin.

Dr Wushe also pushed for greater value addition and beneficiation, emphasising that Zimbabwe must move beyond raw mineral exports by developing integrated value chains that create jobs and stimulate industrial growth.

But sustainable mining, he said, must deliver tangible benefits to host communities beyond extraction.

“Communities must see mining not as a disruption imposed upon them, but as a driver of opportunity and improved livelihoods.”

Achieving this will require sustained investment in local infrastructure, skills development and enterprise growth to ensure mining communities share in the country’s mineral wealth.

Dr Wushe called on development partners to support initiatives that promote responsible mining practices, protect the environment and strengthen community resilience. He pledged the government’s continued backing for sustainable mining programmes, stressing that collaboration among government, industry, communities and development partners will be critical to ensuring the sector drives economic transformation without compromising Zimbabwe’s environmental heritage.

Mutapa Gold Outlines Five Key Priorities for Gold Sector Growth

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MUTAPA Gold Resources Chief Executive Officer Patrick Maseva-Shayawabaya has outlined five key priorities that he believes are critical to unlocking the full potential of Zimbabwe’s gold sector, with exploration and formalisation of artisanal mining taking centre stage.

By Rudairo Mapuranga

Speaking at the Chamber of Mines Gold Symposium, which his company sponsored for the second year running, Maseva-Shayawabaya said the conference comes at a “decisive moment” for Zimbabwe’s gold industry.

“Gold remains one of the country’s leading strategic minerals. This is the leading foreign currency generator. It supports millions of livelihoods, attracts investment, and creates opportunities for industrial growth,” he said.

“But the future we seek will not be secured by current production alone.”

Five Connected Priorities

The Mutapa Gold Resources CEO identified five interconnected priority areas that require urgent attention:

• Strategic context of Zimbabwe’s gold sector
• Exploration as the foundation for growth
• Governance as an enabler and facilitator
• Formalising artisanal and small-scale mining
• Critical success factors to transform ASM into a transparent, inclusive, and competitive pillar of national development

Exploration Foundation for Growth

Maseva-Shayawabaya warned that the current mining boom is built on exploration work conducted decades ago, citing one of the companies in the Mutapa Gold Resources Group, Freda Rebecca, which started operating in 1988 following exploration conducted in the early 1980s.

“Freda Rebecca’s current life of mine is four years, which means we’ve not done as much exploration as we should have,” he said candidly.

He noted that countries that make geological information accessible, promote certainty in mineral tenure, and apply clear rules for exploration investment are better positioned to attract long-term capital for exploration.

“For Zimbabwe, this means strengthening the bridge between public geological institutions, private explorers, financiers, and cooperation so that exploration becomes a national platform rather than a speculative activity,” he said.

Governance as an Enabler

Maseva-Shayawabaya stressed that governance must be understood “not as an administrative burden but as the operating system for a credible gold industry.”

Good governance systems give investors confidence, communities assurance, government visibility over national resources, and producers access to responsible markets, he said.

“These principles matter because gold is highly mobile, has a high value, and is vulnerable to leakages when oversight is weak. Governance is therefore not separate from production. It is what protects value,” he said.

Formalising Artisanal Mining a Passion

The CEO described formalising artisanal and small-scale mining as “one of the most important development questions facing Zimbabwe’s gold sector today.”

He acknowledged that artisanal miners are already part of the national production base and an important source of livelihoods, particularly in rural areas.

“The challenge is not whether this sector exists; it is whether it operates safely, legally, productively, and in a way that strengthens national gold accountability,” he said.

Maseva-Shayawabaya stressed that formalisation must be practical and incremental, simplifying access to training, creating secure operating areas, providing technical training, improving safety and health, supporting processing technologies, enabling access to finance, and connecting miners to formal gold markets.

Business Case for Supporting ASM

In a notable departure from conventional corporate rhetoric, Maseva-Shayawabaya declared that Mutapa Gold Resources’ support for artisanal miners is not charity but business.

“We are not by any chance the leaders in this field, but we have decided that we can co-exist and prosper together with artisanal miners,” he said.

“Our goal has been to support artisanal miners to work safely, provide them with technical assistance, and provide them with working capital so that their production increases. And I must add, it’s not charity for us. It’s a business for us. We benefit from the mining. The artisanal miners also benefit.”

Gold Contributes 8% of Zimbabwe’s GDP, Anchors National Economy: Chamber of Mines CEO

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GOLD has emerged as the bedrock of the Zimbabwean economy, contributing significantly to the country’s socio-economic development and accounting for approximately 8 percent of the national Gross Domestic Product (GDP), Chamber of Mines of Zimbabwe Chief Executive Officer Isaac Kwesu has said.

By Rudairo Mapuranga

Speaking at the Chamber of Mines Gold Symposium, sponsored by Mutapa Gold Resources, Chamber of Mines of Zimbabwe CEO Dr Kwesu said gold has become a key subsector of the economy.

“You can’t talk of the Zimbabwean economy, you can’t talk of Zimbabwe’s social development agenda without mentioning gold,” Dr Kwesu said.

As of 2025, gold accounted for 54 per cent of mining exports and 44 percent of national exports, with around 20 percent of gold earnings paid out as taxation to Government coffers, he said.

“Gold accounts for approximately 8 per cent of the national GDP, which is a very large number by any conventional measure,” Dr Kwesu said.

The sector employs approximately 18,000 people in the formal sector, with an estimated 500,000 people involved in artisanal and small-scale mining. Approximately 2 million people survive directly on gold earnings and, with a multiplier of around three, nearly 6 million people have a stake in the sector’s fortunes.

“The sector generates impetus for economic activities in other sectors of the economy through its linkages. As I’ve said, with a strong multiplier of around 3, it has a stronger impetus compared to other mining sub-sectors,” Dr Kwesu said.

Small-scale miners drive output

The contribution of small-scale miners to the country’s gold output has been increasing over the years, accounting for more than 60 percent of total gold output in 2025.

Zimbabwe has attractive geological prospectivity comparable to other mining jurisdictions, including Ghana and South Africa. The country used to rank number two in Africa until 1988, when it lost this position to Ghana, and was number three up to 2000 before losing ground to Tanzania and later Burkina Faso.

“Today, we have Ghana as the largest gold producer, and that is why we have called my friend Dr Akibe to share with us what lessons we can learn from Ghana as we drive our gold sector to another level,” Dr Kwesu said.

Underexplored potential

The country’s gold potential remains underexplored, and there is huge potential to discover more gold assets using modern exploration technologies, he said.

“This symposium will create a platform to deliberate on how best Zimbabwe can unlock its full potential and maximise gold’s contribution to the socio-economic agenda of our country,” Dr Kwesu said.

The symposium brought together experienced international and local speakers, with a special appearance by the CEO of the Ghana Chamber of Mines, Dr Engineer Akibe, who shared Ghana’s journey to becoming the top gold-producing country in Africa.

Thematic areas covered during the symposium included exploration, formalising the small-scale sector, financing gold projects, and governance matters in the gold sector.

“We have confidence that the speakers will adequately articulate all these thematic areas. It is also our view and hope that you delegates will have the opportunity to interact with the speakers should you require further clarification on specific areas that may also shape our policy as we develop our gold sector to greater heights,” Dr Kwesu said.


#Gold #ZimbabweMining #MiningZimbabwe #GoldMining #ChamberOfMines #EconomicGrowth #ASM #MiningIndustry #ZimbabweEconomy

Bikita Minerals Resumes Lithium Concentrate Exports After Securing Zimbabwe Export Licence

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  • Bikita Minerals Restarts Lithium Concentrate Exports After Securing Licence

Bikita Minerals has resumed lithium concentrate exports after obtaining an export licence from Zimbabwe’s Ministry of Mines and Mining Development under the country’s new lithium export framework, Mining Zimbabwe can report.

By Ryan Chigoche

The company, a subsidiary of China’s Sinomine Resource Group, said the approval marks a key step in aligning its operations with Zimbabwe’s evolving mineral beneficiation policy while providing greater certainty for investors.

“Bikita Minerals has resumed lithium concentrate exports after securing an export licence from Zimbabwe’s Ministry of Mines and Mining Development under the country’s new lithium export framework,” the company said in a statement.

Bikita said the development reflects its commitment to responsible mining, regulatory compliance, and sustainable growth.

“The development marks a milestone in our commitment to responsible mining, transparency, and value addition,” Bikita Minerals said.

That milestone was hard-won. The resumption follows a recent government ban on lithium concentrate exports, imposed to force faster local beneficiation. However, after industry consultation and recognition that domestic processing capacity could not immediately absorb all output, Harare eased the ban into a quota-based system. Miners may now export a portion of their concentrate subject to annual licences, while remaining committed to building local processing plants ahead of a government deadline.

This policy shift has clarified the investment landscape. Zimbabwe, which hosts some of the world’s largest hard-rock lithium deposits, has been tightening controls on raw mineral exports as it seeks to build local processing capacity and capture more value from minerals critical to the global energy transition.

Against this backdrop, the company said it is advancing plans for a US$400 million lithium sulphate processing plant in Zimbabwe, with preliminary works already underway, ahead of the government’s 2027 deadline for ending unprocessed lithium exports.

The company added that its long-term strategy is centred on responsible resource extraction, community development, and supporting Zimbabwe’s economic transformation agenda through increased local processing of minerals.

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

Gold buying prices in Zimbabwe per gram/ ounce, 18 June 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 Above129.234,018.20
SG 85% but Less Than 90%127.873,975.90
SG 80% but Less Than 85%126.503,933.30
SG 75% but Less Than 80%125.133,890.69
Sample (5–10 g)123.083,826.93
Fire Assay (Cash)129.924,039.66

 

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

Chamber of Mines Pushes for a Mining Industry That Delivers More Value, More Benefits and More Growth

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For decades, Zimbabwe’s mining industry has been defined by its vast mineral wealth. From gold and platinum to lithium, chrome and coal, the country possesses some of the world’s most sought-after mineral resources. Yet the real challenge has never been finding minerals. The challenge has always been extracting maximum value from them, ensuring that the benefits are widely shared, and building an industry capable of sustaining growth for generations.

It is against this backdrop that the Chamber of Mines of Zimbabwe has chosen the fitting theme for its Annual Mining Conference and Exhibition 2026: “Unlock Value, Maximise Benefits, Sustain Growth.”

The theme captures the fundamental question facing Zimbabwe’s mining sector today: How can the country move beyond simply extracting minerals and instead create lasting value that benefits investors, communities and the national economy?

The answer begins with unlocking value.

Zimbabwe’s mineral resources are among its greatest economic assets, but value is not created underground. Value is created through exploration, investment, technology, processing, beneficiation and efficient production. Every ounce of gold discovered through modern exploration, every tonne of lithium processed locally, and every platinum project that advances along the value chain creates opportunities that extend far beyond the mine gate.

Unlocking value also means embracing innovation. The global mining industry is rapidly changing. Artificial intelligence, automation, renewable energy solutions and digital technologies are transforming the way mines operate. Countries that fail to adapt risk being left behind. Zimbabwe’s mining industry must therefore continue investing in technology, skills development and modern mining practices to remain competitive in an increasingly demanding global market.

But value creation alone is not enough.

The second pillar of the conference theme focuses on maximising benefits.

Mining must deliver tangible benefits to all stakeholders. Investors must receive fair returns on capital. Government must realise revenue through taxes, royalties and export earnings. Communities must benefit through employment, infrastructure development and social investment. Workers must gain access to sustainable livelihoods and improved standards of living.

The conversation around benefits is becoming increasingly important as citizens demand greater transparency regarding the contribution of mining to economic development. Investors are also paying closer attention to Environmental, Social and Governance (ESG) performance, making responsible mining practices an economic necessity rather than a public relations exercise.

The growing emphasis on ESG reporting demonstrates that mining companies are no longer judged solely by production volumes and profitability. They are increasingly assessed on how they manage environmental impacts, engage local communities and contribute to sustainable development.

This shift presents an opportunity for Zimbabwe’s mining sector. Companies that successfully align profitability with responsible business practices will be better positioned to attract international investment and secure access to global markets.

The third pillar of the theme is sustaining growth.

Growth that depends entirely on commodity price cycles is vulnerable. Sustainable growth requires strong institutions, supportive policies, adequate infrastructure and long-term investment.

Zimbabwe’s mining industry has demonstrated remarkable resilience despite global economic uncertainty, fluctuating commodity prices and operational challenges. However, maintaining momentum will require continued collaboration between government, industry, financiers and development partners.

The conference programme reflects this reality. Discussions on gold, platinum group metals, lithium, coal, oil and gas, ESG reporting, mining finance, foreign exchange reforms, infrastructure development and energy security all point towards a common objective: creating an environment where mining can continue to grow while generating greater value for the nation.

Particular attention is being given to value addition and beneficiation, especially in the lithium and platinum sectors. These conversations recognise that exporting raw minerals captures only a fraction of their potential value. Processing minerals closer to source creates jobs, stimulates industrialisation and increases export earnings.

Equally important are discussions around capital mobilisation. Mining is a capital-intensive industry, and unlocking the sector’s full potential requires access to financing. The participation of financial institutions, stock market experts and international investors highlights the growing recognition that sustainable mining growth depends on adequate and affordable capital.

As delegates gather in Victoria Falls, the message is clear. Zimbabwe’s mining future cannot be built on extraction alone. It must be built on value creation, responsible stewardship and long-term planning.

Unlocking value means discovering new opportunities and improving productivity. Maximising benefits means ensuring mining contributes meaningfully to national development. Sustaining growth means creating an industry capable of thriving through changing economic cycles and evolving global market demands.

Together, these three objectives form a roadmap for the future of Zimbabwean mining.

The minerals beneath the ground represent potential. The real opportunity lies in what Zimbabwe chooses to do with them.

If the country can successfully unlock value, maximise benefits and sustain growth, mining will continue to be one of the most powerful drivers of economic transformation, industrial development and national prosperity for decades to come.

Zimbabwe’s US$15 Million Gold Investment Rule Explained: Why It Targets Accountability, Not Investors

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  • Zimbabwe’s US$15 Million Gold Policy: Not a Barrier, But a Filter for Accountability

When the Zimbabwean government announced that foreign investors in the gold sector must declare investment of at least US$15 million, the headlines wrote themselves: “Zimbabwe shuts the door on foreign small-scale miners.” But that reading misses the point entirely, Mining Zimbabwe can report.

By Rudairo Mapuranga

The policy is not a demand for upfront cash. It is a demand for a plan, for accountability, and for mathematics that actually add up. The government is not asking foreign companies to deposit millions on day one. It is asking them to show a credible, monitorable investment roadmap and then to deliver gold outputs that match the scale of their operations.

Math, after all, does not lie.

The Misunderstanding: Why US$15 Million Sounds Like a Barrier

Let us be clear about what the policy actually requires. The government has defined small-scale gold mining as operations producing up to 20 kilograms of gold per month or with capital investment of up to US$15 million. Foreign entities already operating below that threshold have until 1 January 2027 to scale up beyond it or exit.

But here is what the critics have conveniently ignored: the US$15 million figure refers to a planned investment over the life of a project, not a bank deposit required before a single shovel hits the ground.

A foreign company does not need to arrive with a suitcase full of cash. What it must do is present to the Zimbabwe Investment and Development Agency (ZIDA) a structured, verifiable breakdown of how it intends to invest. The costs are well understood by anyone who has ever developed a mine:

• Land acquisition and Environmental Impact Assessment (EIA) for a 300-hectare claim: approximately US$20,000

• Exploration phases: IP geophysics, trenching, and diamond drilling — typically US$2 million to US$3 million for a thorough exploration programme

• Post-exploration development capital once reserves are proven: the remaining investment required to bring the mine into full production

The government is not saying, “Show us the money in a bank account.” It is saying, “Show us your plan, and let us track your progress.” That is not a barrier to serious investment. It is a barrier to fly-by-night operators who want to grab gold and vanish.

The Simple Arithmetic That Exposed the Problem

To understand why this policy exists, consider a case that came to light in Silobela. According to media reports, a mining syndicate operating in the area—described in some accounts as having foreign links—was found to have declared unusually low gold deliveries to Fidelity Gold Refinery despite operating carbon-in-pulp and heap leach plants.

Reports indicated that the company processed over 3,000 kilograms of ore monthly but declared less than 4 kilograms of gold to Fidelity over an entire year. Internal records, according to investigative reports, later showed that significant quantities of gold were being produced off the books. Private couriers were allegedly ferrying smelted gold bars directly to destinations outside Zimbabwe.

Government calculations cited in media reports suggested that between May and June 2024 alone, heap leaching at the site generated substantial revenue—none of which was declared to the Reserve Bank of Zimbabwe or ZIMRA.

When you stand at the edge of a community that has seen its rivers poisoned, its children become sick, and its gold disappear into private jets, you understand why the government wants more than vague promises.

“That is not mining,” a senior mining official told Mining Zimbabwe, speaking anonymously. “That is robbery disguised as investment. Our problem is not with investors who want to build. It is with those who come to loot and leave nothing behind.”

Beyond Arithmetic: Reports of Widespread Leakages

Silobela is not an isolated case. Across Zimbabwe, media investigations have documented a pattern: large-scale industrial methods paired with astonishingly low gold deliveries to Fidelity. The maths, according to multiple reports, simply does not add up.

In Shurugwi, reports have described extensive environmental damage allegedly linked to foreign-operated mining activities, including vegetation clearing and river pollution from heap leaching operations. Local communities have been quoted in media reports expressing frustration over water sources turning toxic while gold reportedly disappeared.

In Mutoko, court records show that a company owned by a foreign national was convicted of stealing thousands of tonnes of gold ore. The court ordered the company to pay millions in restitution—a fraction, according to prosecutors, of the value of what was taken.

Even more disturbing, media reports have documented an incident in which a foreign national allegedly shot and killed a Zimbabwean worker at a Mutoko mine. The case reignited public fury over foreign operators who seemed to operate above the law, with little accountability.

Then there was the gold tampering scandal. According to industry sources and media reports, authorities discovered that some foreign operators were adulterating gold bars with tungsten—a dense metal that mimics gold’s weight. Deliveries to Fidelity reportedly contained as little as 30 percent actual gold. Fidelity, reports state, was forced to buy specialised XRF machines costing thousands of dollars each just to detect the fraud.

“These operators were not investors,” a source familiar with the investigations told Mining Zimbabwe. “They were extractors. They took everything and gave nothing back—not gold, not taxes, not jobs, not development.”

The US$15 Million Threshold: A Filter, Not a Barrier

The government’s response has been to draw a clear line. If a foreign company wants to operate in Zimbabwe’s gold sector, it must demonstrate a credible, monitorable investment plan. That plan must include:

  1. Land acquisition and EIA costs
  2. A phased exploration budget covering IP geophysics, trenching, and diamond drilling
  3. Post-exploration development capital
  4. A production target above 20 kilograms of gold per month
  5. Transparent gold delivery records to Fidelity that match processing volumes

The company does not need to deposit US$15 million upfront. It needs to show ZIDA a breakdown of how it will invest that amount over the life of the project. Exploration alone typically costs US$2 million to US$3 million. The remainder is post-exploration capital once reserves are proven.

Moreover, the policy requires that 98 percent of mine management be Zimbabwean, embedding local expertise and oversight from the start. Every mining title requires verification of beneficial ownership, corporate structures, and production records.

This is not a barrier to serious investment. It is a filter that separates genuine investors from speculative extractors.

Hazel Karoro, Secretary General of the Association of Junior Mining Professionals of Zimbabwe (AJMPZ), told Mining Zimbabwe that the key is to differentiate between vague promises and committed investment.

“The government is right to demand a detailed, monitorable plan that aligns mining scale with gold deliveries,” Karoro explained. “It is the only way to separate serious foreign investors from speculative extractors who have no intention of building anything permanent.”

The Right Way: Local Mines as the Model

Contrast the reports of foreign syndicates with mines like Jena Mine. Jena is Zimbabwean-owned. It was producing around 20 kilograms of gold per month on average and is now producing 40 kilograms, with intentions to increase output to 100 kilograms. It employs hundreds of local people. It delivers its gold consistently to Fidelity. It reinvests in the community.

No one is banning Jena. No one wants to. Jena is exactly the kind of operation the government wants to protect and encourage.

The difference could not be clearer. A transparent, locally owned mine operates openly, pays taxes, and contributes to the national economy. The foreign syndicates described in media reports operated in the shadows, were accused of smuggling gold, polluted rivers, and allegedly left nothing behind.

The policy does not punish investment. It punishes extraction without accountability. And it finally gives local miners the legal space to build their communities without fighting foreign operators over every small claim.

The Big Picture: Aligning with the Small-Scale Gold Ban

The US$15 million threshold is part of a broader policy announced on 22 May 2026, which banned foreign operators from the small-scale gold sector entirely. The two measures work together:

• Small-scale gold mining (under 20kg/month or US$15 million capital investment) is reserved exclusively for Zimbabwean citizens.

• Foreign operators must either scale up beyond those thresholds or exit by 1 January 2027.

The logic is simple. Small-scale gold mining should serve as a platform for indigenous capital formation—a space where local miners can build wealth, reinvest in their communities, and eventually become large-scale producers themselves.

Minister of Mines Dr Polite Kambamura has made the government’s position clear: responsible foreign investment is welcome in large-scale mining, exploration, beneficiation, and infrastructure development. The new policy simply distinguishes between the capital-intensive large-scale sector, which still needs foreign partners, and the small-scale sector, which should be a vehicle for local empowerment.

Math Does Not Lie

The US$15 million threshold is not a barrier. It is a filter. It separates serious investors who can present a monitorable investment breakdown from fly-by-night operators who simply want to grab gold and disappear.

If a foreign company can present a proper investment roadmap to ZIDA, commit to producing above 20 kilograms per month, and maintain transparent gold delivery records to Fidelity, the government will approve its transition to large-scale status. That is not shutting the door. That is locking the back door through which billions of dollars have allegedly leaked out of the country.

For the local miners of Silobela, for the communities along the Boterekwa Escarpment, and for every Zimbabwean who has watched their country’s gold disappear into foreign bank accounts, the policy means something else entirely.

It means they can finally dig without constantly looking over their shoulders. It means the maths will finally add up. And it means the gold will finally stay where it belongs—building a nation, one claim, one reinvested dollar, one road at a time.

As President Mnangagwa often says: Nyika inovakwa nevene vayo. A country is built by its own people. This policy simply ensures that those people have a fair chance to do the building.

Mutapa Gold Expands Artisanal Mining Partnership Model to Jena and Kitsiyatota

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  • State-backed miner moves beyond Elvington pilot as Zimbabwe seeks to tap a sector that delivers 75% of national gold output

The country’s biggest gold miner, Mutapa Gold Resources Ltd., is expanding its artisanal and small-scale mining partnership model to two new locations, targeting Jena Mine in the Midlands and Phoenix Prince Kitsiyatota Gold Mine in Bindura, as Zimbabwe intensifies efforts to formalise a sector that now accounts for the bulk of national gold production, Mining Zimbabwe can report.

By Rudairo Mapuranga

The expansion follows what the company describes as a successful two-year pilot at Elvington Mine in Mashonaland West, where about 800 artisanal miners operate within Mutapa’s ecosystem, producing between 20 and 30 kilograms of gold per month.

“Gone are the days when we used to have drones just to spot where the artisanal miners are so that we could chase them away,” said Chief Executive Officer Patrick Maseva-Shayawabaya. “We now see them as partners.”

The initiative, funded by Mutapa Gold Resources and delivered in partnership with Magaya Mining and the Zimbabwe School of Mines, provides training in mining methods, occupational safety, financial management, and environmental compliance. Graduates receive certification that Mines Minister Polite Kambamura described as a “passport to formality.”

The expansion reflects a broader pivot in Zimbabwe’s mining policy. Rather than displacing small-scale operators, large producers are increasingly being encouraged to integrate them into formal production systems with traceability mechanisms and access to processing infrastructure. Artisanal miners deliver about 75% of the gold to Fidelity Gold Refinery, with the subsector producing 34.9 tonnes in 2025 as part of a record national output of 46.7 tonnes.

The announcement comes as Mutapa Gold Resources seeks to double annual production to 220,000 ounces by 2029, backed by US$75 million in local bank funding. The company, which operates the Freda Rebecca, Shamva, and Jena mines, produced 104,626 ounces in the fiscal year ended March 2026.

Mutapa Gold Resources, a subsidiary of the sovereign wealth fund Mutapa Investment Fund, directly employs 2,800 people and indirectly supports another 1,300 through contractors, with its operations supporting more than 4,000 livelihoods across mining communities. The company controls 52,000 hectares of mining claims nationwide.

ZSM Proposes Mandatory Safety Certificate for All Small-Scale Mining Title Holders in Zimbabwe

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The Zimbabwe School of Mines (ZSM) has proposed making its Certificate in Principles of Responsible Small-Scale Mining (PRSM/S01) a statutory requirement for holding or retaining any small-scale mining title in Zimbabwe. The proposal was presented to a visiting delegation from the Ministry of Mines and Mining Development (MMMD), Mining Zimbabwe can report.

By Ryan Chigoche

In a technical presentation to the Ministry of Mines delegation led by the Permanent Secretary, Dr Thomas Utete Wushe, ZSM Training and Operations Manager, Eng Martin January, said the proposal would amend the Mining (Management and Safety) Regulations (updating SI 109 of 1990) to mandate a certified “Responsible Person” on every site, with civil penalties for non-compliance.

The proposal comes at a time when artisanal and small-scale mining (ASM) has become central to Zimbabwe’s gold output, yet safety lapses remain a persistent challenge. The government has been pushing formalisation as a solution, with Mines Minister Polite Kambamura previously describing training certificates as “a passport to formality” and “an obligation to mine responsibly.” The ZSM proposal now seeks to legally embed that principle by linking the PRSM certificate to the new Digital Mining Cadastre Register under the “use it or lose it” framework.

Under the proposal, the Explosives Act’s requirement for a Full Blasting Licence would be reinforced by the PRSM certificate, reflecting the fact that ASM accounts for a large share of sector accidents. By codifying the rule under revised Mining (Management and Safety) Regulations, every small-scale mining site would be required to have a certified “Responsible Person,” with civil penalties for those who fail to comply.

The enforcement mechanism relies on Zimbabwe’s new Digital Mining Cadastre Register. Title holders would be required to upload their PRSM certificate for all registrations, transfers, and annual reviews. Failure to do so would trigger automatic alerts under the “use it or lose it” principle, potentially leading to the loss of the claim.

ZSM’s proposal is designed to eliminate informal extraction, shift the compliance burden onto miners themselves, and create a self-perpetuating demand for responsible mining training. If adopted, it would embed safety directly into ASM sector law, making a training certificate no longer optional but the legal requirement for holding a mining title.

The proposal now awaits consideration by the Ministry of Mines. Should it be approved, small-scale miners across Zimbabwe would need to complete the PRSM/S01 course to keep their titles active.