Story by Stanley James, Business Editor
ZIMBABWE’S gold mining sector has recorded a 10 percent increase in output in the first quarter of the year, driven largely by strong performance from small-scale and artisanal miners.
Latest statistics released on Monday by Fidelity Gold Refinery, the country’s sole gold buyer, show that 9.4 tonnes of gold were delivered between January and March, up from 8.3 tonnes recorded in the same period last year.
The increase reflects continued growth in the sector, supported by Government interventions and favourable global commodity prices. The trend is also aligned with national efforts to promote value addition and maximise earnings from local mineral resources.
Minister of Mines and Mining Development, Dr Polite Kambamura, said Government support for the sector was yielding positive results.
“Government is fully supporting the growth of the gold mining industry in the country, this is being made when notable strides have been realised in positioning the country’s gold mining industry as a profitable unit that generates the much needed economic returns, riding on that it is pleasing that gold deliveries continue to increase it is a vote of confidence on the part of the relevant authorities that is us, so going forward the gold deliveries are also expected to be on an upward trajectory and this augurs well for an economy that is looking at possible strategies to maintain the growth trajectory that is vital for the small scale miners the journey to growth is in motion and this should create a positive platform for the gold mining value chains in the country,” Dr Kambamura said.
Economists say the rise in deliveries is also strengthening reserves backing the Zimbabwe Gold (ZiG), which stood at over US$1.3 billion by the end of March, while also supporting increased foreign currency inflows since the start of the year. University of Zimbabwe Business School Director, Professor Albert Makochekanwa, said improved gold deliveries are central to currency stability.
“What is leading to this strategic currency maintaining the stability trajectory is mainly related to the issue of the reserves that are backing it remember gold is the primary metal that is bolstering the strength of the ZiG so if there is an increase in gold deliveries it means more of the metal is also being set aside by the central bank to support this currency and as a result this is leading to the stability that we are enjoying so indeed much depends on this level of more deliveries to back the reserves and ensure that Zimbabwe has a stable currency that makes it easier for industry and commerce to plan for the future,” he said.
The gold sector achieved a record-breaking performance in 2025, with total deliveries to Fidelity Gold Refinery rising by over 28 percent to an all-time high of more than 46 tonnes.
