Business Reporter
Zimbabwe’s gold deliveries reached 41,4 tonnes during the first 10 months of 2026, driven largely by contributions from small-scale producers and putting the country well on track to hit and potentially surpass its national annual production target of at least 50 tonnes for the year.
Figures from Fidelity Gold Refinery show that artisanal and small-scale miners delivered 30,05 tonnes between January and October 2026, accounting for 72,59 percent of total output.
Gold remains the country’s largest export commodity, generating about 52 percent of total export earnings.
Primary large-scale producers delivered 11,34 tonnes over the same period, representing about 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 recorded during the ten months. Small-scale miners accounted for 4,27 tonnes, or 77,44 percent, of total October deliveries, while primary mining houses contributed 1,24 tonnes, or 22,56 percent.
The Government is targeting an ambitious annual gold delivery threshold of between 50 and 55 tonnes for 2026, building on the 46,7 tonnes produced in 2025.
With 41,4 tonnes already secured by October, the sector is positioned to exceed the baseline target before the end of the year.
The Government aims to scale broader mineral export revenues through accelerated mineral exploitation, formalisation of artisanal operations and enhanced processing infrastructure.
Gold serves as a critical economic stabilisation anchor for the domestic currency, ZiG.
The precious metal acts as the primary physical backing held in reserve by the Reserve Bank of Zimbabwe (RBZ) to maintain currency credibility, support exchange rate stability, generate foreign exchange liquidity and cushion the domestic economy against inflationary pressures.
While artisanal and small-scale miners account for the majority of overall gold output, growing capital investment in primary large-scale operations is set to boost production 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 secured capital commitments for about US$152 million for its Shamva Hill expansion project to triple output.
The multi-million-dollar capital investments will position Zimbabwe and its primary mining companies as premier gold producers on the African continent.
Gold export receipts climbed to US$2,95 billion during the first nine months of 2026, registering a 53 percent growth compared to US$1,93 billion generated in the same period in 2025.
Revenue expansion in 2026 was driven by a sustained rally in global bullion prices alongside strong physical export volumes. International gold prices traded at elevated levels throughout the year due to global geopolitical tensions, continuous central bank reserve diversification away from US dollar assets, and anticipation of central bank interest rate adjustments.
Market experts maintain a bullish outlook on the metal’s trajectory into 2027.
Commodities analysts at JP Morgan Global Research forecast global gold prices to average up to US$6 000 per ounce by the final quarter of 2026 due to strong structural central bank demand and safe-haven investment inflows. Analysts at Goldman Sachs project bullion to end 2026 at around US$4 650 per ounce.
