Zimbabwe’s gold sector is enjoying a resurgent year, with export earnings surpassing US$740 million in the first five months of 2025, significantly up from just over US$590 million during the same period last year, Mining Zimbabwe can report.
By Rudairo Mapuranga
Buoyed by record-high global prices and robust deliveries from artisanal and small-scale miners (ASM), the country’s gold industry is not only consolidating its position as the top foreign currency earner but also exceeding production forecasts.
According to the Reserve Bank of Zimbabwe, gold exports remain on an upward trend, supported by global market prices that recently breached US$3,000 per ounce — their highest level on record. The bullish prices have fuelled investor confidence and revitalised local mining operations, particularly among small-scale producers.
Economist Dr. Prosper Chitambara attributed the positive momentum to global demand for gold as a safe-haven asset amid economic uncertainty.
“Gold is trending upwards, and this has ignited more investor interest, increasing the overall value of Zimbabwe’s exports,” he said.
Tax consultant Simba Hamudi echoed this sentiment, stating that if the current trajectory continues, gold will remain the top contributor to Zimbabwe’s export receipts through to the end of the year.
ZMF Projects Record Production
The Zimbabwe Miners Federation (ZMF) has forecast that the country could produce up to 52 tonnes of gold in 2025, well above the government’s target of 40 tonnes. Speaking in Harare, ZMF President Henrietta Rushwaya expressed confidence in the sector’s ability to deliver.
“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.
Her optimism is grounded in the extraordinary performance of the ASM sector, which contributed nearly 69% of total gold output in 2024. With improved incentives from Fidelity Gold Refinery, better prices, and increasing formalisation, small-scale miners are expanding their production capacity and becoming more bankable.
Production Trends and Market Realities
Official data from Fidelity Gold Refinery indicates that while gold deliveries declined 9.48% in May compared to April 2025 — falling to 3,488.06 kg from 3,853.58 kg — the year-on-year picture remains overwhelmingly positive. Compared to May 2024, gold output rose 27.6%, highlighting the strength of the sector.
The ASM sector delivered 2,552.10 kg in May 2025, marking a 52% increase from the same month last year, despite a slight dip from April’s record haul. Large-scale miners, meanwhile, delivered 935.96 kg in May — a modest month-on-month gain but an 11.34% drop compared to May 2024, underlining the challenges they face with high production costs and limited access to capital.
April 2025 stands out as the year’s strongest month so far, with deliveries totalling 3,853.58 kg — a 47% increase from April 2024. ASM was responsible for 2,926.11 kg, an 82.42% year-on-year surge, while large-scale producers contributed less than 1,000 kg.
The first quarter of 2025 recorded 8,496.41 kg of gold deliveries, up 40.5% from Q1 2024. ASM’s contribution of 5,770.86 kg represented a staggering 99% increase compared to the previous year.
Calls for Investment and Structured Support
ZMF President Rushwaya stressed the need for increased support to ASM players, calling on the government to introduce an input support scheme similar to that used in agriculture.
“If farmers get inputs every season, why can’t we have a similar programme for small-scale miners? This would boost production dramatically,” she said.
Rushwaya also reaffirmed the need for structured stakeholder engagement to resolve land-use conflicts and strengthen sustainable mining practices.
“We need structured engagement between all stakeholders. That’s the only way to protect our communities, grow the sector, and formalise ASM operations sustainably.”
100-Tonne Ambition Requires Over US$1 Billion
Former Chamber of Mines President Thomas Gono recently stated that Zimbabwe could reach 100 tonnes of gold production annually, but only if bold investments are made across the value chain. Gono estimates that over US$1 billion is needed to fund exploration, mechanisation, and processing capacity for both ASM and large-scale operations.
“There is no doubt Zimbabwe can reach 100 tonnes of gold production per year, but it will require coordinated investment of over a billion dollars,” Gono said.
Challenges Remain
Despite the optimism, Rushwaya raised concerns over some aspects of the Mines and Minerals Bill, particularly around community protection and the participation of foreign miners within claims meant for locals.
“We now have pegging taking place less than 100 metres from people’s homes — even across graveyards. That’s disrespectful and must be addressed,” she warned.
Rushwaya also challenged the continued allocation of 40-hectare claims to foreign nationals.
“A person coming to mine 40 hectares cannot be called an investor. That space is meant for locals,” she added.
A Sector in Transition
The Zimbabwean gold mining industry is at a turning point. Global prices, strong ASM performance, and increased formalisation have created momentum, but long-term success will require sustained investment, modernisation of legal frameworks, and consistent stakeholder support.
With the right policies and partnerships, Zimbabwe could not only surpass its 2025 targets but also lay the foundation for a century-defining gold economy.
