Online Reporter
Michael Tome
Business Reporter
Gold deliveries to Fidelity Gold Refinery (FGR) increased by 27,6 percent year-on-year, with total deliveries reaching 3 488 kilogrammes, surpassing the 2 734 kilogrammes recorded in May 2024.
Despite this year-on-year increase, the country recorded a 9,48 percent decrease in gold deliveries in May 2025 at 3 488 kilogrammes, down from 3 854kg in April.
The Artisanal and Small-Scale Mining (ASM) sector, which is currently the backbone of Zimbabwe’s gold industry, contributed 2 552kg in May 2025.
This, however, represents a 12,77 percent decrease from April’s 2 926kg, and still marks a robust 52 percent increase from 1 678kg delivered by small-scale miners in May 2024.
The resilience of the ASM sector is notable, given the challenges of rising operational costs and unstable power supplies.
In contrast, large-scale miners recorded a modest 0,91 percent increase in May, delivering 936kg, up from 927kg in April 2025.
However, this figure reflects an 11 percent year-on-year decline from the 1 056kg delivered in May 2024, attributed to high production costs and capital issues faced by primary producers.
Despite a slight dip in May 2025 compared to April, Zimbabwe’s gold sector is trending upwards year-on-year, with small-scale miners leading the charge.
“The collaboration between Zimbabwe’s Miners’ Federation and the Government is yielding positive results in formalising artisanal and small-scale mining (ASM) operations.
“This approach is enhancing sector productivity and reducing miner arrests as the Government gains a better understanding of the sector. Fidelity’s spot payment system has significantly boosted gold production in the country by providing timely payments to miners,” said Zimbabwe’s Miners’ Federation (ZMF) chief executive in an interview.
Weighing in on the improved gold deliveries, Young Miners Foundation (YMF) chief executive officer Mr Payne Kupfuwa said elevated gold prices have inspired growth in gold deliveries over the year.
“The surge in gold deliveries to refineries can be largely attributed to the attractive gold prices, which have incentivised small-scale miners, including young miners, to sell their gold to Fidelity Gold Refineries. The good and sustainable prices have bolstered production in the sector,” said Mr Kupfuwa.
This buoyed the 2025 first-quarter gold deliveries to 8 496kg, a 40,49 percent increase from the same period in 2024. The Artisanal and Small-Scale Miners (ASM) sector contributed 5,771kg in this quarter, a nearly 99 percent increase from the same period last year.
Zimbabwe’s gold production reached an all-time high in 2024, achieving a record of 36,4 tonnes.
This remarkable feat is attributed to strategic initiatives implemented by the Government and industry stakeholders, exceeding the Government’s target of 35 tonnes and surpassing the previous record of 35,3 tonnes set in 2022.
Several key factors contributed to this growth, including new mining initiatives, improved payments for small-scale miners, increased mining activities, prompt payments and favourable gold prices.
Despite fluctuations, the gold sector has shown significant growth since 2017, with a notable decline recorded in 2019 due to currency instability and payment disputes.
The Government’s intervention, ensuring 100 percent payment in USD for small-scale producers has markedly improved gold deliveries.
Additional initiatives such as the establishment of 17 gold buying centres, the Gold Development Initiatives Fund (GDIF) and mobile buying units, have also played a crucial role in achieving national production targets.
The expansion of the gold sector has revitalised the mining industry and positively impacted the national economy, particularly in boosting Zimbabwe’s export earnings.
These strategic initiatives have positioned the gold sector as a key driver of economic growth and development in Zimbabwe.
With adequate investment, reliable electricity, and stable forex policies, the sector could exceed historical gold output records and solidify its role in Zimbabwe’s economic transformation.
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