Zimbabwe’s gold sector recorded a significant resurgence in June 2025, with total deliveries to Fidelity Gold Refinery (FGR) increasing by 22.3% month-on-month (MoM) to 4,265.4926 kilograms, up from 3,488.0623 kg in May, Mining Zimbabwe can report.
By Rudairo Mapuranga
The robust performance was driven by a sharp rebound in artisanal and small-scale miner (ASM) output and consistent contributions from large-scale producers.
ASM deliveries in June stood at 3,312.6102 kg, reflecting a 29.9% MoM increase from May’s 2,552.0986 kg. Large-scale miners also registered a modest uptick, with deliveries rising to 952.8824 kg, up 1.81% from 935.9637 kg in May.
The June output marks a recovery after a brief slowdown in May when total gold deliveries had fallen 9.48% MoM from April’s 3,853.5812 kg. The latest rebound affirms Zimbabwe’s steady upward trend in gold production, fueled largely by small-scale miners responding to high global gold prices and better returns from Fidelity Gold Refinery.
Second Quarter Output Up 36.6% from Q1 2025
Zimbabwe’s second-quarter gold production surged to 11,607.1361 kg, a 36.6% increase from 8,496.4132 kg recorded in the first quarter of 2025. This dramatic growth was largely driven by artisanal and small-scale miners, whose output rose from 5,770.8580 kg in Q1 to 8,790.8174 kg in Q2 — representing a 52.3% quarter-on-quarter increase.
Large-scale miners delivered 2,816.3187 kg in Q2, compared to 2,725.5552 kg in Q1, a 3.3% increase, highlighting the slower growth pace among formal operators amid persistent structural and capital-related challenges.
These figures reaffirm the dominance of the ASM sector, which continues to contribute the lion’s share of Zimbabwe’s gold output. In 2024, ASM accounted for more than 65% of total production, and the trend appears to be accelerating in 2025.
Year-on-Year Growth Reflects Sector Momentum
Although May saw a dip compared to April, the year-on-year (YoY) statistics illustrate sustained sectoral momentum. Total gold deliveries in May 2025 rose 27.6% YoY, reaching 3,488.0632 kg compared to 2,734.1329 kg in May 2024. ASM deliveries alone increased 52.06% YoY, while large-scale miners posted an 11.34% decline, reflecting the resilience and agility of small players amid national and global headwinds.
In contrast, April 2025 stood out as the strongest month yet, with 3,853.5812 kg delivered — a 47% YoY increase from April 2024’s 2,386.9067 kg. ASM contributed 2,926.1086 kg, marking an 82.42% YoY jump, while large-scale producers delivered 927.4726 kg, a 20.65% YoY decline.
Gold Exports and Investment Outlook
Driven by the strong performance in the first half of the year, Zimbabwe’s gold export earnings soared past US$740 million in the first five months of 2025 — up from US$590 million during the same period in 2024. The export growth is attributed to both volume increases and record global gold prices, which recently surpassed US$3,000 per ounce.
Economist Dr. Prosper Chitambara noted that gold’s appeal as a safe-haven asset amid global economic uncertainty has increased investor interest, strengthening Zimbabwe’s position as a key regional player. Tax consultant Simba Hamudi also predicted that gold would likely maintain its top spot in export receipts throughout 2025.
Ambitious Targets and Investment Needs
The Zimbabwe Miners Federation (ZMF) has projected that gold output for 2025 could reach 52 tonnes, well above the official 40-tonne government target. ZMF President Henrietta Rushwaya emphasized the capacity of the ASM sector to deliver, provided that formalisation and input support are scaled up.
“This year, I’m sure we’re going to surpass the 40 tonnes that the government has earmarked for national gold production. We’ll probably come up with between 50 to 52 tonnes,” Rushwaya said.
Meanwhile, former Chamber of Mines President Thomas Gono underscored the need for over US$1 billion in investment to achieve Zimbabwe’s ambitious 100-tonne annual gold production vision, highlighting critical areas such as exploration, mechanisation, and beneficiation.
