Zimbabwe in massive gold mop up

The Zimbabwean government has launched an aggressive campaign to meet its 2025 gold delivery target of 40 tonnes, amid a global price surge that has seen the value of gold skyrocket to US$3,322.93 per ounce - a 40% increase since the beginning of the year.

The push comes with just over 3 000kg needed to meet the target, following a production total of approximately 37 tonnes in 2024. With gold prices at a record high, hitting the target could translate to over US$4.27 billion in export earnings - a critical windfall for the cash-strapped government.

Speaking to The Standard, Mines and Mining Development permanent secretary Pfungwa Kunaka confirmed the intensified effort and expressed confidence in the new strategy.

"We have set a target of 40 metric tonnes for the year 2025. If you compare it with what we did in 2024, we think this target is achievable," Kunaka said. "The improved effort that we need is 3 000-plus kilogrammes for us to get to 40 metric tonnes."

To reach this milestone, the government is intensifying field monitoring, expanding oversight mechanisms, and strengthening collaboration across various agencies. Central to this strategy is the ongoing Gold Mobilisation Exercise, a quarterly initiative designed to enhance compliance and curb illicit trade.

"This is an exercise that we undertake to go into the field to follow up on areas where production is taking place," Kunaka said. "Every quarter, we assemble a multi-sectoral team that includes ministry officials and people seconded from other public institutions."

These teams - working closely with provincial mining directorates - gather production data, audit registered miners and elution plant operators, and even inspect high-risk illegal mining zones. They are empowered to recommend corrective measures and escalate criminal activities to law enforcement when necessary.

"If there is some illicit activity like smuggling or a mine not reporting as required, the team has the authority to act," Kunaka noted. "They can prescribe measures or involve the police where necessary."

Despite formal efforts to improve compliance, the ministry admits that illegal mining, underreporting, and gold smuggling continue to threaten national output. Kunaka said some registered miners are also contributing to the problem by flouting reporting requirements.

"You can be a formal miner but still be doing things wrong. That's why this exercise is key to making sure all players are operating within the law," he said.

He stressed the importance of local cooperation in identifying hidden operations: "When you talk of illicit, you are referring to underground activities. The teams are instructed to be diligent and take all necessary steps to uncover such operations."

The mobilisation initiative, which has shown signs of progress in the gold sector, may soon be extended to other minerals prone to leakage and underreporting, including lithium, chrome, and gemstones.

"There's currently a view that says let's expand gold mobilisation to the rest of the minerals. We want the nation to benefit from all the minerals that we have," Kunaka said.

The next round of the mobilisation exercise is scheduled for July, as part of the second quarter of the 2025 calendar, and authorities are optimistic that continued enforcement and collaboration will close the remaining gap.

Under Zimbabwean law, all gold must be sold to Fidelity Gold Refinery - the sole authorised buyer - making oversight and compliance critical to ensuring revenue reaches the national treasury.