Online Reporter
Martin Kadzere
Business Reporter
ZIMBABWE has surpassed its annual gold production target for 2025, achieving the milestone with two weeks 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 in the corresponding period of the previous year.
These figures were released by the country’s sole gold buyer, Fidelity Gold Refinery, confirming that the country had already exceeded the Government’s set target of 40 tonnes for 2025.
The artisanal and small-scale mining sector emerged as the powerhouse behind the impressive national output, contributing 30,99 tonnes, an increase from the 20,4 tonnes a year earlier.
The sector now accounts for approximately 74 percent of the total national gold output.
This rise is largely due to Government incentives and increased formalisation efforts. The sector largely operates with less capital and more rudimentary methods compared to primary producers. Deliveries from large-scale producers dropped to 10,79 tonnes from 11,7 tonnes recorded in the same period last year.
The surge in Zimbabwe’s gold deliveries was capped by a stellar performance in September, which recorded the highest monthly output for the year at 4,4 tonnes.
The Government says the sustained gold production underscores the effectiveness of the ongoing initiatives to formalise and empower the small-scale mining sector, recognising its vital role in the industry.
Gold remains the country’s largest export earner. Foreign receipts for the 10 months to October 2025 soared 88,9 percent to US$3,76 billion from US$1,99 billion earned in the same period last year, according to the latest statistics from the Reserve Bank of Zimbabwe (RBZ).
This performance is primarily attributed to the country benefiting from record international gold prices, which has provided a significant boost to the country’s foreign currency income.
Concerns raised by gold producers over the newly-proposed gold royalty structure have prompted a hint of possible changes.
Speaking at a post-Budget breakfast meeting on Monday, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said the Government had taken note of the issues raised by the Chamber of Mines Zimbabwe.
While only large-scale gold miners are required to pay royalties, the informal and smaller-scale segment — which has grown to become the country’s main gold producers — are not subjected to the tax.
Industry players fear the new proposed royalty system, set to take effect next year, will increase operating pressures, especially amid fluctuating commodity prices.
The Government’s intent is to refine its revenue framework while supporting the long-term viability of the gold sector. The proposed royalty system introduces a three-tier, sliding-scale structure designed to align tax obligations with global market performance. Under the proposed framework, gold sold at prices between US$0 to US$1 200 per ounce will attract a 3 per cent royalty.
For gold trading within the range of US$1 201 to US$2 500 per ounce, the royalty rate rises to 5 percent.
A top-tier rate of 10 percent will apply to gold sold at prices above US$2 501 per ounce, making it the highest bracket in the new sliding-scale system.
Prof Ncube said the move was to ensure the gold sector contributes a fair share of revenue to the fiscus during periods of commodity price boom.
