Trymore Tagwirei

Zimbabwe has surpassed its 2025 annual gold production target, crossing the 40-tonne mark with two weeks still remaining in the year, delivering a significant boost to the country’s foreign currency earnings.

Latest figures from Fidelity Gold Refinery, the country’s sole gold buyer, show that gold deliveries increased by 29 percent in the first ten months of the year to 41,8 tonnes, up from 32,4 tonnes recorded over the same period in 2024.

The surge was largely driven by the artisanal and small-scale mining sector, which delivered 30,99 tonnes, a sharp rise from 20,4 tonnes last year.

The segment now accounts for about 74 percent of total national gold output, reflecting the impact of Government incentives and intensified formalisation efforts.

In contrast, large-scale producers recorded a slight decline, delivering 10,79 tonnes compared to 11,7 tonnes during the corresponding period last year.

September marked the peak of production in 2025, with output reaching 4,4 tonnes, capping a sustained upward trend in the sector.

Authorities say the strong performance underscores the success of policies aimed at empowering small-scale miners, who have become central to Zimbabwe’s gold value chain.

Gold remains Zimbabwe’s top export earner. According to Reserve Bank of Zimbabwe statistics, foreign currency receipts from gold for the ten months to October 2025 surged by 88,9 percent to US$3,76 billion, from US$1,99 billion recorded last year. The increase is largely attributed to record global gold prices.

Meanwhile, debate has intensified within the industry following concerns over a proposed new gold royalty structure.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube recently said Government is reviewing feedback from the Chamber of Mines regarding the proposal.

Under the envisaged three-tier sliding-scale royalty system, expected to take effect next year, large-scale producers would pay 3 percent for gold priced in the range up to US$1 200 per ounce, 5 percent for gold priced between US$1 201 and US$2 500 per ounce, and 10 percent for gold priced above US$2 501 per ounce.

Currently, only large-scale miners pay royalties, while the small-scale mining sector—now the country’s largest contributor to gold output—remains exempt.

Professor Ncube said the refined royalty structure is intended to ensure the mining sector contributes a fair share to the fiscus during periods of strong international commodity prices.