Zimbabwe’s gold sector recorded a strong rebound in April 2026 after deliveries to Fidelity Gold Refinery climbed 16.5 percent from the previous month, supported largely by increased production from artisanal and small-scale miners.
Official figures show total gold deliveries reached 3,324.6 kilogrammes in April, compared to 2,854kg in March. Small-scale miners accounted for the bulk of the growth after delivering 2,110.7kg during the month, representing a 20.7 percent jump from March levels.
Large-scale mining companies also posted gains, with deliveries increasing nearly 10 percent to 1,213.9kg.
The latest numbers have strengthened expectations that Zimbabwe could still achieve its ambitious 50-tonne gold production target for 2026, despite a slower start to the year.
Cumulative deliveries between January and April stood at 12.64 tonnes, slightly above the 12.47 tonnes recorded during the same period in 2025. Industry analysts believe production could accelerate further during the dry winter months, traditionally a stronger season for gold mining activity.
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Although April output improved on a monthly basis, deliveries were still lower compared to April last year. Total deliveries declined 6.1 percent year-on-year from 3,542.2kg recorded in April 2025.
The decline was mainly linked to reduced deliveries from artisanal miners, whose output fell nearly 28 percent compared to the same month last year. Analysts say tighter regulations, anti-smuggling measures and the rollout of formalisation programmes may have temporarily disrupted deliveries into official channels.
Large-scale mining firms, however, continued showing signs of recovery. Their deliveries rose more than 22 percent year-on-year, reflecting renewed investment and improved operational performance across several mines.
Mining industry projections indicate output from major producers could rise further in the second half of the year as operations at mines such as Mazowe and Redwing ramp up production.
Zimbabwe produced a record 46.7 tonnes of gold in 2025, and authorities are targeting 50 tonnes this year.
To achieve that goal, monthly deliveries for the remainder of 2026 would need to average above 4,000kg, a level the country has previously managed during peak production periods.
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