Zimbabwe is poised to surpass its 2025 gold production target of 40 tonnes, with official deliveries to Fidelity Gold Refinery (FGR) reaching 37 tonnes in the first ten months of the year. Small-scale miners continue to drive the country's gold production, accounting for 60% of total output, while large-scale miners contribute 40%.
The Zimbabwe Miners Federation (ZMF) is optimistic that the country will exceed the 40-tonne target, attributing the bullish conditions to high gold prices, which hit a record $4,000 per ounce. Government interventions have also helped curb smuggling and increase gold production.
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Experts predict the gold mining industry will achieve over 6% growth by year-end, strengthening Zimbabwe's gold reserves and stabilizing the domestic currency. The country's gold production has been driven by small-scale miners formalizing operations and increased investments from large-scale miners.
The gold sector's growth is expected to contribute significantly to Zimbabwe's economic development, with gold exports generating $2.5 billion in revenue in 2024.
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