- Gold output has reached 15.8 tonnes year-to-date, marking the highest record in five months
- Small-scale miners increased output by 52% year-on-year, despite a 13% drop in May
- The country aims to achieve a target of 40 tonnes for gold production in 2025
Harare- Zimbabwe’s year-to-date gold deliveries have risen to 15.8 tonnes, the highest on record according to the latest data from Fidelity Gold Refinery (FGR).
This was despite May deliveries decreasing by 9.48% to 3,488.0632 kg (3.49 tonnes) compared to April, driven by a 13% drop in small-scale output, while large-scale mining saw a 1% month-on-month increase.
Year-on-year, however, total production rose by 28%, with small-scale miners increasing output by 52% from 1.678 tonnes in May 2024 , while large scale saw an 11.34% decrease year-on-year, dropping from 1,055.685 kg in May 2024 to approximately 935.5 kg.
Year-to-date, deliveries of 15.8 tonnes surpassed 11.27 tonnes delivered in the same period of 2024.
Historical data shows 2023 five-month deliveries at 11.45 tonnes, 2022 at 13.154 tonnes, 2021 at 7 tonnes, and 2020 at 9 tonnes, reflecting the upward trend as the country targets no less than 40 tonnes this year.
Kuvimba Mining House reported a record 3.6 tonnes in its financial year ended March 2025, reinforcing its role as a leading producer. Historical data shows Shamva Mine, under Kuvimba, produced 108,782.74 ounces from April 2020 to June 2024.
Padenga Holdings expects 2025 production to align with 2024, targeting no less than 85,000 ounces (2,646 kg), based on 2024 output of 1,811 kg from Eureka Mine and 827 kg from Pickstone Mine, totaling 2,638 kg . The company allocated US$30 million for 2025 to boost production, focusing on its mining subsidiary, Dallaglio Investments.
Caledonia Mining Corporation set a 2025 guidance of 74,000-78,000 ounces (2,300-2,426 kg), following a 2024 production of 76,656 ounces and a Q1 2025 output of 19,106 ounces, a 9.3% increase year-on-year.
Collectively, these companies are expected to contribute at least 9 tonnes with other large-scale producers like RioZim and the likes adding total output to 10 tonnes.
Much weight however, is left on small scale miners. Small-scale and artisanal miners are crucial, historically contributing over 60% of output, with 2024 data showing approximately 65% (23.71 tonnes of 36.48 tonnes). In May 2025, their output decreased by 13%, but year-on-year, it surged by 52%, reflecting formalisation efforts and 100% USD payments .
With the 40-tonne target, small-scale miners are expected to deliver around 25 tonnes, supported by rising global prices and government initiatives.
Global gold prices hit a record of 3500 in April and another $3,432 per ounce on May 6, 2025, with Goldman Sachs projecting $3,700 by year-end, driven by geopolitical tensions
This surge, up 40% over the past year to over $3,300 per ounce, enhances revenue for Zimbabwean producers, offsetting production dips and boosting export earnings .
However, its not all rosy. Challenges include electricity shortages, impacting operations, and smuggling, with estimates of $1.5 billion annual losses. Regulatory changes, like export surrender requirements, also pose hurdles.
The mining sector is projected to grow by 7% in 2025, driven by gold and coal, with gold expected to surpass $3 billion in value, enhancing forex reserves. Small-scale miners, numbering 500,000 to 1.5 million, are key, with potential to ramp up output through financial support
Therefore, Zimbabwe’s gold production in 2025 is on track, with a 40-tonne target achievable through contributions from major players and small-scale miners, supported by high global prices.
Addressing challenges like power and smuggling will be crucial to realising full potential, positioning the sector as a pillar for economic growth.
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