Zimbabwe’s gold rush

Philemon Jambaya

Zim Now Editor

Zimbabwe's gold mining sector is poised for a record-breaking year, with output expected to reach 40 tonnes in 2025. This optimistic forecast is driven by new investments, a favourable operating environment, and increased capacity.¹

According to the latest data from Fidelity Gold Refinery, the country's sole buyer of gold, output reached an impressive 36 tonnes in 2024, up from 30 tonnes in 2023. This upward trend has sparked hopes of increased production, with artisanal miners and large-scale gold mining companies leading the charge.

Zimbabwe Miners Federation chief executive officer, Mr Wellington Takavarasha, believes the 40-tonne target is achievable, but stresses the need for long-term perspectives and government support. "The sector will continue to focus on expansionary projects to add value and boost output," he said.

The government has also pledged its commitment to addressing challenges facing the gold mining industry. Minister of Mines and Mining Development, Honourable Winston Chitando, noted that the government will introduce measures to enhance output, mobilise resources to capacitate small-scale miners, and create a conducive climate for large-scale miners.

The positive gold output trajectory is expected to boost foreign currency inflows, with gold maintaining its position as Zimbabwe's main foreign currency earner. As the sector continues to grow, it's clear that Zimbabwe's gold rush is only just beginning.