Business Reporters
SMALL-scale miners continue to dominate gold production in Zimbabwe, more than doubling primary producers, after output surged 29 percent from January to July.
Bullish international prices, driven by strong haven demand due to global economic uncertainties from United States President Donald Trump’s trade tariffs, spurred stellar production.
This comes as Zimbabwe aims to produce 40 tonnes of gold in 2025, building on a record-breaking 36,48 tonnes produced in 2024.
Gold is Zimbabwe’s single largest export, while mining in general accounts for more than 75 percent of the country’s export earnings.
Fidelity Gold Refinery (FGR), Zimbabwe’s sole authorised gold buyer, has taken delivery of 24,31 tonnes since January, official data shows.
In the first seven months of 2024, Zimbabwe produced 17,2 tonnes of gold.
Between January and July this year, artisanal and small-scale miners delivered about 17,76 tonnes to Fidelity, while primary producers managed 6,55 tonnes.
The small-scale producers’ performance underscores the integral element that artisanal mining, once outlawed, now plays in Zimbabwe’s economic growth and development.
Small-scale and artisanal mining has become extremely important to Zimbabwe’s economy and social fabric, providing livelihoods for a large portion of the population and contributing significantly to the country’s gold production.
Notably, gold production has maintained an upward trajectory since the beginning of the year.
Total deliveries from January through March reached 20,10 tonnes, with small-scale producers supplying 14,56 tonnes against 5,54 tonnes from primary producers.
Amid the firm haven demand globally, the average price per ounce in that first quarter reached a record US$2 862.56, a scenario analysts say has incentivised miners to ramp up production.
Production peaked in July, which saw the largest single-month intake in 2025. Combined deliveries totalled 4,21 tonnes, with 3,20 tonnes coming from small-scale miners and 1,01 tonnes from large-scale producers.
Global prices have kept rising, driving demand for bullion as the most attractive investment hedge.
Spot gold recently pierced through US$3 400 per ounce, reaching a high of US$3,418.14 at one point, and remains near the record levels seen in mid-June.
That rally has recently been driven by softer-than-expected US labour data and rising bets on policy easing, while global economic uncertainties created by US President Trump’s trade tariffs have solidified bullion’s status as the most attractive haven asset, propelling production across the world.
“Year-to-date, gold prices have seen a significant increase,” said Mr Tinevimbo Shava, a Harare-based economist, citing gains of more than 30 percent so far this year, which stretch to 38 percent over the last 12 months.
“In the past month, gold has also ticked up further,” Mr Shava added, noting the direct linkage between international markets and deliveries into Zimbabwe’s formal system.
Government-led mobilisation exercises and policy tweaks have also been credited with boosting formal deliveries and reducing leakages into informal channels.
In recent months, authorities have intensified outreach and buyback drives designed to incentivise miners to sell through Fidelity and to bring more activity out of the shadows.
Captains of the gold mining industry say the combination of higher prices and supportive Government policies has given producers strong impetus. Mr Thomas Gono, president of the Gold Producers Association, praised the mobilisation programme for strengthening transparency and improving relations between miners and regulators.
“The gold mobilisation programmes have not only increased gold output but have also strengthened relationships between miners and the Government,” Mr Gono said.
Other stakeholders have urged continued policy clarity and increased investment in the sector to sustain the strong positive momentum.
If the trends persist, industry experts say the country is on track for another record gold output.
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