Zimbabwe’s gold sector recorded 9,311.92 kg in Q1 2026, up 8.2 percent year-on-year from 8,599.10 kg in Q1 2025, signaling modest growth in the country’s gold output.
However, the monthly numbers reveal underlying volatility: deliveries fell 16.4 percent in March to 2,854.00 kg from 3,412.95 kg in February, reflecting fluctuations that analysts say are typical of the early-year production cycle.
Small-scale miners, who form the backbone of Zimbabwe’s artisanal gold sector, were particularly affected. March deliveries from ASM totaled 1,748.70 kg, down 30.8 percent month-on-month from 2,525.65 kg in February, and 6.2 percent lower than March 2025’s 1,864.99 kg.
Despite the monthly decline, cumulative output for Q1 2026 rose 12.8 percent year-on-year, reaching 6,510.91 kg compared to 5,770.86 kg in Q1 2025. Compared to Q4 2025’s 10,345.95 kg, however, first-quarter deliveries are down 37.1 percent, highlighting seasonal and operational challenges that continue to affect the ASM sector.
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Large-scale miners delivered a contrasting performance. March output rose 24.6 percent month-on-month to 1,105.31 kg, up 14 percent year-on-year from 969.28 kg in March 2025. First-quarter deliveries stood at 2,801.01 kg, slightly below 2,828.24 kg in Q1 2025, while quarterly output fell 6.2 percent from Q4 2025’s 2,985.02 kg. The data suggests that large-scale operations are more resilient to seasonal fluctuations but still face production pressures.
First-quarter deliveries were 30.1 percent lower than Q4 2025, a decline industry watchers attribute to seasonal production patterns and recent policy adjustments, including the suspension of certain retention measures. Fidelity Printers has maintained a 10 percent retention policy, with the policy suspension date recorded as 24 March 2026.
The sector’s annual target remains 50 tonnes, indicating that output will need to ramp up significantly in the coming months to meet national expectations.
The figures paint a picture of a sector balancing growth with volatility, where small-scale miners drive most of the gains yet remain highly sensitive to market and policy shifts, while large-scale producers provide stability but still face output constraints.
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