- For the first four months, gold deliveries reached 12.35 tonnes, a 46.4% increase
- Small-scale miners produced 8.69 tonnes, up 111.1% from last year
- Large-scale production fell to 3.65 tonnes, down 15.3%
Harare- Zimbabwe’s gold deliveries in April 2025 reached 3.86 tonnes, a robust 38.3% increase from March’s 2.79 tonnes, according to Fidelity Gold Refiners.
This was the highest output since December 2021 when 4.3 tonnes were produced.
Small-scale miners led the charge with 2.93 tonnes up 56.9% from March’s 1.86 tonnes and a staggering 140.3% higher than April 2024’s 1.22 tonnes.
Large-scale miners, however, contributed 927.47 kg, a marginal 0.1% decline from March’s 928.82 kg and a 20.6% drop from April 2024’s 1.17 tonnes.
The disparity highlights small-scale miners’ dominance, accounting for 75.7% of April’s output, while large-scale operations face ongoing challenges.
For the first four months of 2025, Zimbabwe recorded 12.35 tonnes in gold deliveries, a 46.4% surge from 8.43 tonnes in 2024.
Small-scale miners produced 8. 696 tones, a remarkable 111.1% increase from 4.12 tonnes last year, contributing 70.4% of the total.
Large-scale miners, in contrast, delivered 3.653 tonnes, down 15.3% from 4.312 tonnes reflecting operational constraints.
Major players including RioZim are grappling with equipment breakdowns and undercapitalisation, while Caledonia’s Blanket Mine is operational, but its Bilboes project, is still under recapitalisation, and produced only 12 kg in Q1 2025.
The first four months position Zimbabwe well for its 2025 targets. April’s 3.86 tonnes marked a high point, following January-February’s 5.6 tonnes kg and March’s 2.79 tonnes.
The 46.4% increase over 2024’s first four months reflects improved productivity, particularly among small-scale miners, despite large-scale sector challenges.
Zimbabwe’s 2024 gold production hit a record 36.48 tonnes, surpassing 2022’s 35.3 tonnes.
The 2025 target of 40 tonnes requires an additional 27.65 tonnes in the remaining eight months, averaging 3.46 tonnes monthly.
April’s 3.86 tonnes suggest this is achievable, but sustaining this pace depends on addressing large-scale miner issues. Small-scale miners, with their consistent output, are likely to drive progress, supported by high gold prices ($3,259.80/ounce in May 2025).
However, the 30% export surrender policy, requiring miners to surrender 30% of earnings for an overvalued ZiG (26.84 ZiG/USD) could strain profitability, particularly for large-scale miners needing foreign currency for equipment and operations.
The ZiG’s depreciation since its April 2024 introduction (13.56 ZiG/USD) further complicates financial planning.
Therefore, Zimbabwe’s gold sector in 2025 is on a strong trajectory, with small-scale miners driving a 46.4% increase in deliveries for the first four months. April’s 3.86 tonnes highlight the sector’s potential to meet the 40-tonne target.
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