• Gold exports  in May reached $368.089 million, a new all-time high, amassing  $1.4 billion
  • Top gold-producing mines include Freda Rebecca, Blanket Mine, and Eureka Gold Mine
  • Zimbabwe's gold earnings are projected to reach $3.20-4.03 billion in 2025

                             

Harare- Gold’s ironclad reign as Zimbabwe’s top foreign currency earner is blazing hotter than ever, fueled by a world in disarray. As geopolitical tempests: Middle East gunfire, Russia’s relentless assault on Ukraine, and the U.S. flirting with abandoning Kyiv’s fight upend commodities like PGMs, diamonds, and fuel, gold stands unyieldingly.

It’s the ultimate safe-haven, shining brightest when economies buckle under chaos. In Zimbabwe, gold dethroned tobacco, the “golden leaf,” during the early 2000s land reforms, which obliterated tobacco output from 260 million kilograms to a measly 48 million by 2008.

Gold claimed the crown, and with COVID-19 and lithium’s rise shaking PGMs in 2022, it now commands 80% of forex and up to 45% of monthly exports.

This gold madness season is pure wildfire, with prices soaring to stratospheric highs. In April 2025, global gold hit $3,500 per ounce, holding a $3,000 baseline since February.

Zimbabwe’s exports are shattering records, with May 2025’s $368.089 million, a new all-time high edging out November 2024’s $361.098 million. May’s haul came from 3.5 tonnes delivered to Fidelity Printers and Refiners (FPR), with artisanal and small-scale miners (ASSM) driving 2.55 tonnes.

Titans like Freda Rebecca (gold arm of Kuvimba Mining House) anchored large-scale output with over 2.5 tonnes in FY2025, followed by Padenga Holdings, which traded crocs for rocks in 2019, and Caledonia Mining, tapping fresh veins at Blanket Mine.

From January to May 2025, gold exports amassed $1.4 billion, a 133% surge from 2024’s $599 million for the same period. In 2024, Zimbabwe’s 36.48 tonnes generated $2.5 billion, cementing gold’s dominance.

Since 1980, Zimbabwe’s gold saga has been a wild ride. The 1980s delivered steady 15–20 tonnes yearly under stable policies. A 1999 peak of 27 tonnes crashed to 3 tonnes in 2008’s hyperinflation nightmare. Artisanal mining’s 2013 decriminalisation sparked a comeback, hitting 24 tonnes by 2016 and 33.2 tonnes in 2018.

COVID-19 slashed 2020 output to 19 tonnes, but 2022’s 35.3 tonnes set a record, led by ASSM. In 2023, power cuts and currency woes dropped production to 30.1 tonnes, but 2024’s 36.48 tonnes (65% ASSM) roared back. The first five months of 2025 yielded 14.8 tonnes, with ASSM driving 75%, signaling another epic year.

To keep this gold rush blazing, Zimbabwe must act fast. FPR’s payments of circa US$100 per gram versus $100 globally shuns smuggling, which drains $100 million monthly. Matching Ghana’s PMMC pricing would plug the leak.

Advanced tracking and enforcement would curb illicit trade, while enhancing formalisation of  ASSM with licenses, training, and equipment loans would spike output. Power outages (18 hours daily in 2024) need reliable electricity and subsidies.

Swift dispute resolution, tech like dewatering systems, and stable forex policies (100% USD for ASSM, 90% for large-scale miners) would keep mines alive. Eco-friendly practices and targeted security building on 25,000+ arrests since 2023 would balance growth with sustainability.

 With $1.4 billion earned from January to May 2025, let’s map the rest. May’s 3.5 tonnes at $3,000/oz (=$96.46/gram) yielded $368.089 million, the new record. Assuming 3.5 tonnes/month for the remaining seven months is $2,363.27M. Adding YTD $1.4B, FY2025 could hit $3.76 billion.

If production reaches the 40-tonne target (3.33 tonnes/month) at $3,500/oz (=$112.54/gram), monthly earnings could be $375.12M, totaling $2,625.84M for seven months plus $1.4B = $4.03 billion.

A conservative 2.8 tonnes/month at $2,860/oz (=$91.98/gram) yields $257.53M/month, or $1,802.71M for seven months plus $1.4B is $3.20 billion. Thus, FY2025 earnings are projected to hit at least $3 billon depending on output and prices.

Regionally, Zimbabwe’s 36.48 tonnes in 2024 trails Ghana (117 tonnes), South Africa (80 tonnes), Mali (61 tonnes), and Burkina Faso (60 tonnes) but outpaces Zambia (3.41 tonnes). Ghana’s edge lies in balanced large-scale and artisanal output, better pricing, and tracking.

By adopting these, Zimbabwe could chase 50–100 tonnes, rivaling Africa’s giants. With chaos as its fuel, gold’s fever is far from breaking, and Zimbabwe’s set to rake in billions if it plays smart.

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