Online Reporter
Oliver Kazunga in VICTORIA FALLS
ZIMBABWE’s gold industry is poised to generate about US$5 billion in export earnings this year, driven by record global prices and ongoing expansion projects that have boosted production across the sector.
The projected growth follows a strong performance in 2025, when gold output surged to 50,6 tonnes from 38,5 tonnes in 2024, while export earnings rose sharply to US$4,6 billion from US$2,5 billion.
Speaking at the Chamber of Mines Zimbabwe annual conference being held here, Gold Producers Association of Zimbabwe president Mr Qubeka Nkomo said the sector had regained strong growth momentum, underpinned by favourable market conditions.
“The gold industry has gathered its growth momentum underpinned by fair gold prices that have hit all time peaks over the past four months plus,” he said.
Mr Nkomo noted that the bullish market environment presents a significant opportunity for the industry to expand its contribution to the country’s socio-economic development.
“The market conditions for the gold industry remain bullish.
“We’re excited by that, providing an opportunity for gold industry to grow and maximise its contribution to the socio-economic development of Zimbabwe,” said Mr Nkomo.
He added that gold has consolidated its position as Zimbabwe’s leading export commodity, accounting for 54 percent of mineral exports and 44 percent of total national exports.
Looking ahead, Mr Nkomo said the sector is expected to maintain its upward trajectory into 2026, with output projected to exceed 55 tonnes.
“In the outlook for 2026, favourable market conditions are expected to persist, with gold output anticipated to surpass 55 tonnes and export earnings projected to reach US$5 billion,” he said.
He said medium- to long-term prospects for the industry remain positive, supported by new investments, expansion projects and the revival of closed mines such as Red Wing in Penhalonga and Mazowe Mine.
However, Mr Nkomo cautioned that the sector’s full potential could only be realised if key challenges are addressed, including unreliable power supply, foreign currency shortages and delays in payments.
“Most gold producers that are expanding their operations continue to report that they are facing forex shortages to meet their operations and spending on capital equipment,” he said.
