Zimbabwe records US$3,76bn gold earnings

Newsday 
Zimbabwe's gold sector recorded a sharp upswing in 2025, with export earnings surging by 88,9 percent to US$3,76 billion, up from US$1,99 billion last year, according to the latest Zimbabwe Economic Review.

In its sector update, the publication said October marked the strongest monthly performance on record, with gold export earnings reaching US$551,6 million. The figure accounted for 14,67 percent of total receipts for the first 10 months of the year.

"October's figures reflect intensified deliveries and improved traceability in the sector," the Zimbabwe Economic Review noted.

The report underscored the growing dominance of artisanal and small-scale miners, who contributed more than 75 percent of national gold output.

"The structure of production remains heavily tilted toward small-scale operations, whose contribution continues to grow despite constraints in financing and mechanisation," the review said.

Gold deliveries between January and September amounted to 32,98 tonnes, representing a 37 percent increase from the 24,2 tonnes delivered during the same period in 2024.

Of that output, small-scale miners delivered 24,5 tonnes, a significant rise from 14,6 tonnes recorded last year. In contrast, deliveries from large-scale producers declined to 8,54 tonnes, down from 9,55 tonnes over the same period.

"The divergence in output trends between the two categories highlights the resilience of small-scale miners and the operational headwinds confronting large operators," the report observed.

With Zimbabwe's national gold production target for 2025 set at 40 tonnes, the review said the country is on track to either surpass or closely match the annual goal if current delivery momentum is maintained.

Sector analysts quoted in the update attributed the strong performance to enhanced monitoring systems, improved incentives for formal gold deliveries and a gradual reduction in leakages to the parallel market.

However, the publication cautioned that sustaining the growth trajectory will require continued investment in equipment, exploration and environmental management, particularly in small-scale mining communities.

Despite these challenges, the review concluded that gold remains Zimbabwe's most reliable source of foreign currency inflows, adding that 2025 is shaping up to be a defining year in the sector's recovery.