Harare, Zimbabwe – Zimbabwe’s gold mining sector has recorded strong growth in May 2025, with official figures showing a 27.6 per cent rise in deliveries compared to the same period last year. The increase is largely credited to the performance of artisanal and small-scale miners, who remain a major force in the country’s gold production.
According to data released by Fidelity Gold Refinery (FGR), the country’s only licensed gold buyer, gold deliveries reached 3,488 kilograms in May 2025, compared to 2,734 kilograms in May 2024. This improvement highlights the recovery of Zimbabwe’s mining industry, which is benefiting from high global gold prices, better payment arrangements, and government-led reforms to support small-scale miners.
The artisanal and small-scale mining (ASM) sector remains a key contributor to this growth. In May 2025 alone, small-scale miners delivered 2,552kg of gold, accounting for about 73 per cent of Zimbabwe’s total gold production. Although this marks a decline of 12.77 per cent compared to the 2,926kg delivered in April 2025, industry stakeholders describe it as a strong showing, considering challenges like seasonal disruptions, fuel shortages, and unreliable electricity supply.
Speaking to reporters, Mr Wellington Takavarasha, Chief Executive Officer of the Zimbabwe Miners’ Federation (ZMF), said the performance of the ASM sector is a result of continuous engagement with government authorities and the rollout of supportive policies. He said efforts to bring more informal miners into the formal economy were yielding results, especially as more miners now access official gold buying centres.
Despite the year-on-year improvement, the May 2025 deliveries dropped by 9.48 per cent when compared to the 3,854kg delivered in April 2025. Analysts say this month-on-month decline reflects the unstable nature of small-scale mining, which depends heavily on factors like weather conditions, access to equipment, and fluctuating operating costs.
Large-scale mining companies also contributed to the gold haul, but their performance was less impressive. In May 2025, large-scale miners delivered 936kg of gold, which is a slight increase of 0.91 per cent from April’s 927kg. However, the figure is down by 11.37 per cent compared to May 2024, when large-scale miners produced 1,056kg. Industry experts blame this on outdated equipment, limited access to capital, high operational expenses, and ongoing challenges with foreign currency exchange.
The gold sector had already shown strong signs of recovery earlier in the year. Between January and March 2025, total gold deliveries stood at 8,496kg, representing a 40.49 per cent increase over the same period in 2024. The small-scale mining sector alone contributed 5,771kg to the first-quarter total, almost twice the amount produced during the same quarter the previous year.
Zimbabwe reached a historic milestone in 2024 by producing 36.4 tonnes of gold, surpassing both the government’s target of 35 tonnes and the previous record of 35.3 tonnes set in 2022. Officials attribute this performance to policy interventions that include 100 per cent payment in US dollars for gold sold through formal channels, the establishment of 17 gold buying centres, the use of mobile buying units in rural areas, and the rollout of the Gold Development Initiative Fund (GDIF) to support small miners with equipment and financing.
The government is also working on creating gold service centres where miners can access refining services, lease equipment, and receive technical support. Authorities say these centres will reduce gold smuggling and encourage miners to operate within the law.
The price of gold on the international market has remained strong, currently trading at over $3,300 per ounce, which makes gold mining one of the most profitable sectors in Zimbabwe. The sector contributed more than 40 per cent of mineral export earnings in 2024, making it vital to the country’s economy, which continues to struggle with inflation, currency instability, and limited access to foreign loans.
While the outlook for gold mining remains positive, industry observers warn that more still needs to be done to improve infrastructure, provide reliable electricity, and reduce regulatory delays. There are also concerns about illegal mining and gold leakages, which the government says it is addressing through better border controls and stiffer penalties.
Economists say Zimbabwe’s gold sector has the potential to lead the country’s economic transformation if properly managed. They advise that continued investment in small-scale mining, formalisation of informal miners, and consistent policy support will be key to achieving long-term sustainability in the industry.
As Zimbabwe targets 40 tonnes of gold output in the coming years, attention will remain on how both small-scale and large-scale miners respond to ongoing government reforms, market conditions, and access to financial and technical resources.
