Online Reporter
Michael Tome
Business Reporter
GURUVE-domiciled Eureka Gold Mine’s life has been extended by seven years to 2039, following successful exploration, reinforcing its position as one of Zimbabwe’s leading gold producers.
The mine, whose initial operational life was expected to end in 2032, has steadily upgraded its resource base through intensified geological exploration and plant optimisation.
Ongoing exploration, according to Eureka, indicates additional upside beyond the new prolonged mine plan, including a possible shift from open-pit to underground mining.
Eureka’s extended mine life reflects a broader trend within Zimbabwe’s gold sector, where rising international prices and renewed investment in exploration are improving the viability of existing operations.
Gold is a strategically key mineral for Zimbabwe, as it is the country’s single largest export, while the gold mining sector employs thousands across the large and small-scale industries.
Zimbabwe has surpassed its annual gold production target for 2025, achieving the milestone with two months of the year still remaining and delivering a significant boost to the country’s foreign currency earnings.
Production of the “yellow metal” surged 29 percent for the 10 months ending October 2025, reaching 41,8 tonnes from the 32,4 tonnes recorded during the same period last year.
The mine’s current open-pit operations have benefited from improved resource definition and efficiencies across its processing plant, enabling higher volumes to be economically processed.
In an interview on the sidelines of the mine’s tour, Eureka Gold Mine general manager, Engineer Nelson Banda, said 2025 marked the start of a targeted exploration programme aimed at fully understanding the scale and depth of the ore-body.
He said early indications suggest that the resource may support mining beyond 2039.
“In terms of the life of mine, when we started, we were looking at a very short life, relatively, up to 2032, but since then, we have put in a lot of work in terms of understanding the resources and optimising our plants, it’s an open-pit mine currently.
“We have managed to extend that life to 2039, which is quite good, but not only that, we then embarked this year on an exploration programme, just to understand the extent of the resource that we are sitting in and there is potential that we see, which means that there is potential beyond 2039 to go to underground operations,” said Eng Banda.
In terms of production, he said the mine expected to reach the two-tonne mark, which is a significant contribution to the projected national bullion total.
“In terms of gold, our resource has continued to grow. We are now approaching 2 000 kilogrammes from around 1 600 kilogrammes when we started.
“The gold price has also assisted us significantly. When operations began, prices were around US$1 600 an ounce, and today, they are above US$4 000 an ounce, which has materially strengthened project economics
Eureka ranks among the top three corporate gold producers in Zimbabwe by volume, placing it in a strategic position within the country’s mining industry.
The extended mine life is expected to support employment, increased gold output and improved revenue generation, at a time when mining remains a key pillar of Zimbabwe’s economic growth and foreign currency earnings.
Engineer Banda said Eureka Gold Mine’s extension of its life of mine to 2039 is being complemented by significant investment in energy security, as the operation moves to reduce reliance on the national grid amid persistent power supply challenges.
He noted that, like many industrial operations, power supply reliability remains one of its challenges and to mitigate this, Eureka is working closely with the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to ensure consistent electricity for plant operations, while simultaneously developing alternative energy sources.
“Security of power supply is something we monitor closely. We have engaged ZETDC to ensure we are guaranteed the power we require to run our plant operations,” he said.
As part of its energy diversification strategy, the company has initiated a five megawatt solar power project near the mine, with construction already underway.
The project is expected to reduce the mine’s dependence on grid electricity, with a target of covering all daytime power requirements by next year.
“By January, we expect the first power to start flowing, scaling up to about five megawatts by mid-year. Ultimately, our operations require approximately 10 megawatts and we are confident we will be on track to meet that demand.”
In addition to renewable energy investments, Eureka said it was engaging with industry counterparts to explore direct power imports as a complementary solution.
The initiative is aimed at easing pressure on ZETDC while ensuring uninterrupted production at the mine.
Combined strategy of extending mine life, growing resources, and securing reliable energy is expected to enhance Eureka’s long-term sustainability and reinforce its standing among Zimbabwe’s top gold producers and support consistent output in an environment of rising global gold prices.
