• Gold deliveries in June 2025 reached 4.27 tonnes, driven largely by artisanal and small-scale miners contributing 3.3 tonnes
• To meet the ambitious 40-tonne target for 2025, an average monthly output of approximately 3.32 tonnes is required for the remaining six months
• Despite challenges, favourable high gold prices encourage sustained production levels

Harare- Zimbabwe’s gold deliveries to Fidelity Printers and Refiners (FPR) in June 2025 reached 4.27 tonnes, marking a significant increase from May’s 3.49 tonnes, driven primarily by contributions from Artisanal and Small-Scale Miners (ASSM).

This June figure represents the highest monthly output since December 2021, when the country recorded a record 4.3 tonnes.

Of the June 2025 deliveries, ASSM accounted for 3.3 tonnes, while large-scale miners, including major operations like Fredda Rebecca, Blanket, and Eureka mines, contributed 953 kilograms.

Zimbabwe has set an ambitious target of 40 tonnes of gold for 2025, following a record-breaking 36.48 tonnes delivered in 2024.

As of June 2025, year-to-date deliveries to FPR stand at 20.1 tonnes, meaning an additional 19.9 tonnes are needed in the remaining six months (July to December) to meet the 40-tonne goal.

To achieve this, Zimbabwe would need to average approximately 3.32 tonnes per month over the second half of 2025.

This monthly target is below June’s 4.27-tonne output and slightly below the 3.49 tonnes recorded in May, suggesting that maintaining or slightly increasing current production levels could make the 40-tonne target feasible, provided there are no significant disruptions.

The feasibility of reaching 40 tonnes depends on several factors, including the sustained performance of ASSM, which has consistently driven output, and the operational stability of large-scale mines.

In 2024, Zimbabwe achieved 36.48 tonnes, indicating that the mining sector has the capacity to approach the 40-tonne target with favourable conditions.

High gold prices, which have historically boosted revenues ( $1.4 billion earned from January to May 2025 compared to $740 million for the same period in the prior year), provide a strong economic incentive for miners to maximise production.  

To assess the feasibility of Zimbabwe reaching its 40-tonne gold delivery target for 2025, we need to analyse the required monthly output for the remaining months (July to December 2025) and evaluate whether this is achievable based on historical production data, recent trends, and the high gold price environment.

As of June 2025, Zimbabwe has delivered 20.1 tonnes to Fidelity, leaving 19.9 tonnes needed to meet the 40-tonne goal. With six months remaining, this requires an average monthly output of approximately 3.32 tonnes.

In 2024, Zimbabwe’s gold deliveries from July to December were as follows: 3.5 tonnes in July, 3.4 tonnes in August, 3.4 tonnes in September, 4.2 tonnes in October, 3.8 tonnes in November, and 3.8 tonnes in December.

This totals 22.1 tonnes over six months, averaging 3.68 tonnes per month. For the full year of 2024, the average monthly output was approximately 3.03 tonnes.

In contrast, the 2023 average monthly output from July to December was 2.6 tonnes, reflecting a lower baseline.

The 2024 July-to-December average of 3.68 tonnes exceeds the 3.32 tonnes needed monthly in 2025, suggesting that recent production levels are sufficient to meet the target if maintained.

The feasibility of achieving 3.32 tonnes per month hinges on the continued strength of ASSM.

The high gold price environment, which drove record revenues of $1.4 billion from January to May 2025, provides a strong economic incentive for miners to sustain or increase production.

The 2024 monthly outputs, particularly October’s 4.2 tonnes, demonstrate that Zimbabwe’s mining sector can achieve peaks above the required 3.32 tonnes.

However, challenges such as power shortages, regulatory constraints, or operational disruptions could impede consistency. The 2023 average of 2.6 tonnes per month suggests that falling back to lower production levels is a risk if these issues arise.

For a conservative estimate, we can base projections on the 2024 July-to-December average of 3.68 tonnes, adjusted downward to account for potential variability and weather hazards, especially heavy rains.

If Zimbabwe achieves a conservative monthly output of 3.2 tonnes slightly below the 2024 average but above the 2023 average of 2.6 tonnes, it would deliver 19.2 tonnes over the remaining six months, resulting in a year-end total of 39.3 tonnes.

This falls short of the 40-tonne target by 0.7 tonnes. To close this gap, at least one or two months would need to approach or exceed 4 tonnes, as seen in October 2024 (4.2 tonnes) and June 2025 (4.27 tonnes).

Given the strong contribution of ASSM and the operational reliability of large-scale mines like Fredda Rebecca, Blanket, and Eureka, coupled with high gold prices, achieving occasional peaks above 3.32 tonnes is plausible.

Therefore, reaching the 40-tonne gold target for 2025 is feasible.

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