Gold deliveries jump 18% in May

Gold deliveries to the Fidelity Gold Refinery (FGR) recorded a strong rebound in May 2026, rising 18.84 percent to 3,951.01 kilogrammes from 3,324.59kg in April, marking the highest monthly output recorded so far this year.

The performance also represented a 13.27 percent increase compared to the 3,488.06kg delivered in May 2025, signalling renewed momentum in the country's gold sector after a mixed start to the year.

The recovery was largely driven by small-scale and artisanal miners, who continued to dominate national gold production. The sector delivered 2,740.76kg during the month, accounting for 69.37 percent of total deliveries and reflecting a significant 29.85 percent increase from the 2,110.66kg delivered in April.

In contrast, output from primary producers remained largely unchanged. Deliveries from large-scale mining operations stood at 1,210.26kg in May, marginally down from 1,213.94kg recorded in April.

Cumulative deliveries for the first five months of 2026 reached 16,587.53kg (16.59 tonnes), placing the industry approximately one-third of the way towards the Government's annual target of 50 tonnes.

The target represents a 7 percent increase from the record 46.73 tonnes delivered in 2025.

To achieve the 50-tonne goal, the sector will need to deliver an additional 33,412.47kg over the remaining seven months of the year, requiring average monthly deliveries of about 4,773kg.

While May's performance was encouraging, the required monthly average remains significantly above output levels recorded so far in 2026.

Monthly deliveries have fluctuated throughout the year. January deliveries stood at 3,044.97kg before rising to 3,412.95kg in February. Output then fell sharply to 2,854kg in March, the lowest monthly total recorded this year, before recovering to 3,324.59kg in April and surging further in May.

The first quarter of 2026 generated total deliveries of 9,311.92kg, while the second quarter has contributed 7,275.61kg through April and May, with June figures still outstanding.

The latest figures underscore the increasingly important role of artisanal and small-scale miners in Zimbabwe's gold industry, with the sector continuing to account for the majority of gold deliveries to Fidelity Gold Refinery.

However, despite the positive trajectory, sustained growth in output will be required if the country is to meet its ambitious production target and extend the record-breaking performance achieved in 2025.