Dallagio top earner in Zimbabwe’s US$396 Q1 2025 g...

Dallagio top earner in Zimbabwe’s US$396 Q1 2025 gold earnings as large miners rule

ZimNow Reporter

Zimbabwe earned a total of US$396 million from gold exports in the first three months of 2025—30% more than the US$303 million made in the same period last year, with Dallaglio’s US$223 million being the biggest contributor.

Small-scale miners have traditionally contributed between 40 and 60 percent of gold earnings, and these new figures show a major shift.

Almost 40% of the Q12025 money came in March alone, another new trend. According to official data, Zimbabwe exported US$155.8 million worth of gold in March 2025.

While traditionally March has always seen more production than January and February, which are disrupted by the main rain season, the 2025 figure is a huge jump from US$82.1 million in March 2024—an increase of nearly 90%.

The March surge helped push the whole quarter’s numbers up.

The spike was mainly due to two factors: Global gold prices hit a new record of over US$3,500 per ounce, attracting buyers from around the world. Local gold producers also increased output and took advantage of the high prices.

Mining companies say they are reinvesting more money to grow even further. Dallaglio plans to spend US$28.5 million on new equipment. Caledonia Mining will invest US$41 million at its Blanket Mine. Kuvimba Mining House is putting US$38 million into its Freda Rebecca Mine and other projects.

But even with these big numbers, gold producers face some headaches. Power cuts are reducing production by up to 10%. Government rules on keeping earnings in ZWG are being called a hidden tax by some miners.

While the gold sector is booming, the big question is how this money is failing to benefit the ordinary people as the economy remains sluggish and the local currency, which is supposed to be gold-backed, is not gaining confidence.