Staff Reporter
Zimbabwe’s gold industry has opened the year on a high note, recording an impressive 40.6% increase in production during the first quarter of this year compared to the same period last year.
Fresh figures from Fidelity Gold Refineries reveal the country processed 8 496.4 kilograms of the precious metal between January and March, up from 6 044.96 kilograms in 2024, signalling a robust recovery for one of the nation’s most vital economic sectors.
The remarkable growth continues to be fuelled primarily by small-scale miners, who delivered 5 770.85 kilograms – nearly three times the 2 725.55 kilograms contributed by large-scale producers.
This growing dominance of artisanal miners reflects successful Government efforts to formalise the sector, including prompt payment systems and improved support structures that have encouraged more production through official channels.
Industry analysts point to multiple factors driving this golden renaissance. The surge comes alongside record-breaking global prices, with gold reaching an all-time high of US$3 167.57 per ounce last week, creating strong incentives for increased mining activity across all scales of operation.
The gold boom is providing much-needed stability to Zimbabwe’s financial landscape.
Reserve Bank Governor Dr. John Mushayavanhu recently disclosed that foreign reserves backing the Zimbabwe Gold (ZiG) currency have more than doubled to US$629 million in April 2024, providing solid coverage for all ZiG deposits in the banking system.
This development has bolstered confidence in the new currency since its introduction last year as a replacement for the unstable Zimbabwean dollar.
With gold remaining Zimbabwe’s single largest export commodity, generating US$2.4 billion in 2024, the latest production figures suggest the country is well positioned to strengthen its standing as a major African gold producer.
The combination of revitalised mining operations, favourable market conditions, and continued sectoral reforms paints an optimistic picture for Zimbabwe’s economic prospects through 2025 and beyond.
The sustained performance of small-scale miners, who now account for nearly 70% of total output, demonstrates how strategic policy interventions can unlock significant economic potential.
As global demand for gold continues to rise and local production capacity expands, Zimbabwe appears poised to reap the benefits of its mineral wealth more effectively than at any point in recent history.
