Business Reporter
GOLD deliveries reached 41,4 tonnes in the first 10 months of 2026, driven largely by small-scale producers, placing the country on track to surpass its annual target of at least 50 tonnes.
Figures from Fidelity Gold Refiners show that artisanal and small-scale miners delivered 30,05 tonnes between January and October 2026, accounting for 72,59 percent of total output.
Primary large-scale producers delivered 11,34 tonnes over the same period, representing a 27,41 percent share.
Deliveries expanded steadily across the year, rising from 9,31 tonnes in the first quarter to 12,08 tonnes in the second quarter and 14,48 tonnes in the third quarter.
In October 2026, monthly purchases totalled 5,52 tonnes, marking the highest single-month total of the year. Small-scale miners accounted for 4,27 tonnes, or 77,44 percent, of October deliveries, while primary mining houses contributed 1,24 tonnes, or 22,56 percent.
Government is targeting an annual gold delivery threshold of between 50 and 55 tonnes for 2026, building on the 46,7 tonnes produced in 2025.
Gold remains Zimbabwe’s largest export commodity, generating about 52 percent of total export earnings. It also serves as the primary physical reserve backing the domestic currency, ZiG, held by the Reserve Bank of Zimbabwe (RBZ) to support exchange rate stability, generate foreign exchange liquidity, and cushion the economy against inflation.
To sustain growth, Government aims to scale mineral export revenues through formalising artisanal operations and upgrading processing infrastructure.
Meanwhile, capital investment in large-scale operations is set to boost output from major producers. Caledonia Mining Corporation has advanced its Bilboes Gold Project through a US$150 million interim financing facility to establish what is set to become Zimbabwe’s largest gold mine.
Mutapa Gold Resources has also secured approximately US$152 million in capital commitments for its Shamva Hill expansion project to triple output.
During the first nine months of 2026, gold export receipts climbed to US$2,95 billion, registering a 53 percent increase from the US$1,93 billion generated during the same period in 2025.
Revenue growth was driven by strong physical volumes alongside a sustained rally in global bullion prices, supported by geopolitical tensions, central bank reserve diversification away from US dollar assets, and anticipated interest rate adjustments.
Market analysts remain bullish on the metal’s trajectory into 2027.
JP Morgan Global Research forecasts global gold prices to average up to US$6 000 per ounce by the final quarter of 2026 due to strong central bank demand and safe-haven inflows, while Goldman Sachs projects bullion to end the year at around US$4 650 per ounce.
