Zimbabwe’s gold sector has the potential to grow into a 100-tonne-per-year industry, but doing so will require more than ambition—it will demand over US$1 billion in fresh capital, targeted policy reform, and structural changes in how the country powers and markets its gold industry, outgoing Chamber of Mines President Thomas Gono said.
By Rudairo Mapuranga
Speaking during the Gold Symposium sponsored by Kuvimba Mining House at the Chamber of Mines Annual Mining Conference and Exhibition 2025 in Victoria Falls on Thursday, Gono delivered a candid assessment of both the successes and constraints facing the gold industry.
He noted that while Zimbabwe’s gold output rose from 32.4 tonnes in 2023 to 38.5 tonnes in 2024, the current production levels fall far short of the government’s 100-tonne vision.
“To reach the 100-tonne target, the sector will require an estimated US$1 billion in capital to ramp up production and sustain expansion,” Gono said. “At present, the local gold industry operates with low capacity, constrained by limited access to capital for both operations and growth.”
Zimbabwe is no stranger to gold. For decades, the precious metal has served as the cornerstone of the country’s mining sector. Today, its significance is reinforced by its use in backing the local currency and anchoring foreign currency reserves.
“Zimbabwe is, by all accounts, a gold mining country,” Gono said. “Throughout our mining history, gold has been a cornerstone of sector growth.”
According to the Chamber, over 1.5 million people are directly or indirectly involved in gold mining activities across the country, with the sector now contributing 43% of total mineral exports—up from 27% in 2020. The mining sector overall accounts for 57% of formal employment.
Yet despite these impressive numbers, a litany of structural and financial constraints continues to hold the sector back, most notably, power.
“Unlike base mineral operations, most gold mines in Zimbabwe, particularly the small to medium enterprises, are not connected to dedicated power lines,” Gono lamented. “Over 60% of gold output comes from the artisanal and small-scale mining sector, which unfortunately continues to operate without reliable power.”
The absence of dedicated and affordable electricity, coupled with an environment of high operating costs, has become a drag on both productivity and profitability.
“Collective efforts are urgently needed to reduce operating costs so that the country can fully benefit from the currently favourable commodity prices,” Gono said. “Should prices soften, as they inevitably do, the sector may face severe challenges.”
Gono made a strong case for investing in exploration as a key to unlocking Zimbabwe’s gold potential. Geoscientific data, he said, indicates that several regions remain significantly underexplored. “We are confident that with increased investment in exploration, new deposits will be discovered, boosting gold output and elevating Zimbabwe’s global standing,” he added.
He also called for a review of how the country markets its gold. The current centralised marketing model, in which all gold must be delivered to a single buyer—Fidelity Gold Refinery—was described as “rigid and unresponsive,” especially for small-scale miners.
“With the majority of production coming from the small-scale sector, gold markets must be brought closer to production centres,” Gono said. “Furthermore, liberalising the marketing framework and decriminalising gold possession will help formalise operations and enable the financial services sector to develop gold-backed instruments for financing the gold sector and their projects.”
On the financial side, he praised Fidelity Gold Refinery (FGR) for moving away from generic payment packages and improving delivery turnaround times.
“We commend Fidelity Gold Refinery for the tremendous effort done in ensuring producers are paid timely,” he said. “We also recognise and appreciate Fidelity’s efforts in promoting responsible gold sourcing, which is vital to preserving the international reputation of Zimbabwe’s gold industry.”
However, the gold sector’s challenges aren’t just operational—they are also systemic. Most operators, especially in the artisanal and small-scale mining (ASM) space, rely on outdated equipment, undermining efficiency and cost-effectiveness. Modernisation, Gono stressed, is not a luxury—it’s a necessity if Zimbabwe is to compete globally.
“The sector continues to rely on antiquated equipment, severely undermining efficiency. This needs to change if we are to scale up production meaningfully,” he noted.
Despite the hurdles, Gono remained optimistic, urging delegates at the symposium to craft bold, actionable solutions. “As you can see, the Zimbabwe gold industry faces a range of challenges and opportunities. It is our hope that this symposium will generate robust and actionable recommendations for policymakers as we collectively strive to grow the sector.”
With high-level backing from both government and industry, and if the right blend of reforms, capital, and technology is applied, Zimbabwe’s goal of becoming a 100-tonne gold producer is not beyond reach. But for now, the road ahead remains steep—and expensive.
