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Oliver Kazunga
Senior Business Reporter
ZIMBABWE’S gold deliveries surged by 32 percent to 3 134 tonnes in January 2025, compared to the same period last year, with artisanal small-scale miners accounting for 70 percent of total deliveries.
Latest data from Fidelity Printers and Refiners, the country’s sole licenced buyer of the yellow metal, indicates that in the same period last year, gold deliveries were 2,375 tonnes.
Artisanal and small-scale miners continued to lead in deliveries at 2 265 tonnes while large-scale miners accounted for 868,8 kilogrammes compared to 1 108 tonnes in January last year.
In the corresponding period last year, artisanal and small-scale miners delivered 1 333 tonnes.
Zimbabwe Miners Federation (ZMF) chief executive officer (CEO) Mr Wellington Takavarasha, whose organisation represents the interest of artisanal and small-scale miners said: “Gold deliveries by artisanal and small-scale miners have gone up by 70 percent in January this year compared to the same period last year.
“That surge actually points to the economic potential and the significance of the small-scale mining sector — how important the sector is becoming in the mainstream economy.
“And this trend then calls for the Government to continue implementing the formalisation and regularisation of the artisanal miners which will unlock the potential value of the gold production by the small-scale miners.”
Mr Takavarasha said despite the incessant rains that the country received last month compared to the previous years, the surge in gold output by artisanal and small-scale miners was on account of continued support by the Government as well as its sustained gold mobilisation efforts.
“Authorities have been going out on awareness campaigns rather than criminalising the miners and so that’s what actually can be attributed to continued (growth of) deliveries to FGR,” he said.
The Ministry of Mines and Mining Development has been working hand in glove with ZMF and its members to encourage deliveries to FGR.
This also comes as three more gold-buying centres have been established by FGR in major gold-producing areas namely Mberengwa, Ngundu and Shurugwi.
At a strategic meeting organised by ZMF in Harare recently, FGR general manager Mr Peter Magaramombe said his organisation would this year continue implementing various strategies to boost deliveries.
These include the establishment of one-stop shop custom elution services centres across the country to boost output by artisanal and small-scale miners.
“As FGR, we have come up with some strategies in order to continue to support the artisanal and small-scale mining sector.
“In the year 2025, we are going to support more and more of our artisanal and small-scale miners so that they increase gold production and ultimately increase gold deliveries to FGR.
“We are talking in terms of support through things like compressors, generators, hammer mills, headgears, and consumables.
“Another strategy is to come up with custom elution service centres — Fidelity is going to establish one-stop custom elution service centres and for starters, we are going to start with Mberengwa, Kadoma and Makaha in Mutoko.
“The number of these custom elution service centres will be increased as the year progresses,” he said at the strategic meeting.
Some of the services to be offered at the custom elution facilities include assaying, chemical supply, elution as well as gold-buying.
This year, FGR plans to increase the number of gold-buying centres in the country to 25 from 20 in 2024. In 2024, the country’s gold output improved by 21,2 percent to a record 36,4 tonnes from which artisanal and small-scale miners delivered 23,7 tonnes to FGR — the exclusive buyer of the gold produced in Zimbabwe.
Zimbabwe is targeting 40 tonnes of the yellow metal this year. Gold is a key mineral which, alongside other precious minerals and the United States dollar, has been used to back Zimbabwe Gold (ZiG), which is the country’s new medium of exchange introduced by monetary authorities in April last year.
The Reserve Bank of Zimbabwe introduced the ZiG as part of a broader scope to address exchange rate volatility, curtail inflation, and restore macro-economic stability.
Reserves supporting the ZiG, including foreign currency and gold have increased to US$533 million since President Mnangagwa gave a directive requiring 50 percent of mineral royalties to be paid in kind.
The reserves, which include 2,67 tonnes of gold valued at US$228 million held in the RBZ’s vaults, represent more than three times the amount of local currency in circulation, a development expected to anchor currency and price stability.
When ZiG was launched, the central bank held about 1,5 tonnes of the bullion.
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