Opinion / Dose of Encouragement
Zimbabwe gold output rises 8% to 9 tonnes in Q1
17 Apr 2026 at 17:19hrs |
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Zimbabwe's gold deliveries increased by 8.3% in the first quarter of 2026, reaching 9.31 tonnes, according to the latest figures from Fidelity Gold Refinery (Fidelity Gold Refinery), reflecting continued strength in the mining sector despite temporary policy disruptions.
The figure compares with 8.59 tonnes recorded during the same period in 2025, with small-scale and artisanal miners continuing to dominate overall output.
Artisanal and small-scale miners accounted for nearly 70% of total deliveries, contributing 6.51 tonnes between January and March, while large-scale mining companies delivered 2.8 tonnes.
However, March output from small-scale producers declined sharply after a now-suspended directive by the Reserve Bank of Zimbabwe requiring 10% of payments to be made in local currency.
Economists say the measure temporarily disrupted supply chains and risked pushing gold into informal trading channels.
"The 10% local currency component was meant to strengthen controls, but it had the opposite effect on small-scale miners, who felt disadvantaged," said economist Enock Musara.
Reserve Bank of Zimbabwe Governor John Mushayavanhu later suspended the directive, citing operational challenges and the need for improved implementation systems.
"We have put the directive on hold while we work on proper logistical systems for smooth operationalisation," he said.
In contrast, primary producers ended the quarter on a stronger note, with March deliveries rising 24% to 1.1 tonnes, supported by stable operations and the prevailing 70% foreign currency retention policy.
Gold remains Zimbabwe's largest export earner, accounting for roughly one-third of foreign currency inflows and playing a critical role in funding imports such as fuel, electricity and essential goods. It also underpins the country's gold-backed ZiG currency introduced in April 2024.
By December 2025, gold and foreign currency reserves had risen to US$1.1 billion, strengthening external buffers.
To encourage formal deliveries, Fidelity Gold Refinery has reduced the threshold for its 5% incentive bonus from 20kg to 500g per month and expanded its buying network to mining hubs including Kadoma, Zvishavane and Gwanda.
Analysts say the latest output growth highlights the resilience of the sector, but warn that sustained performance will depend on consistent policy direction and continued stability in the operating environment.
The figure compares with 8.59 tonnes recorded during the same period in 2025, with small-scale and artisanal miners continuing to dominate overall output.
Artisanal and small-scale miners accounted for nearly 70% of total deliveries, contributing 6.51 tonnes between January and March, while large-scale mining companies delivered 2.8 tonnes.
However, March output from small-scale producers declined sharply after a now-suspended directive by the Reserve Bank of Zimbabwe requiring 10% of payments to be made in local currency.
Economists say the measure temporarily disrupted supply chains and risked pushing gold into informal trading channels.
"The 10% local currency component was meant to strengthen controls, but it had the opposite effect on small-scale miners, who felt disadvantaged," said economist Enock Musara.
"We have put the directive on hold while we work on proper logistical systems for smooth operationalisation," he said.
In contrast, primary producers ended the quarter on a stronger note, with March deliveries rising 24% to 1.1 tonnes, supported by stable operations and the prevailing 70% foreign currency retention policy.
Gold remains Zimbabwe's largest export earner, accounting for roughly one-third of foreign currency inflows and playing a critical role in funding imports such as fuel, electricity and essential goods. It also underpins the country's gold-backed ZiG currency introduced in April 2024.
By December 2025, gold and foreign currency reserves had risen to US$1.1 billion, strengthening external buffers.
To encourage formal deliveries, Fidelity Gold Refinery has reduced the threshold for its 5% incentive bonus from 20kg to 500g per month and expanded its buying network to mining hubs including Kadoma, Zvishavane and Gwanda.
Analysts say the latest output growth highlights the resilience of the sector, but warn that sustained performance will depend on consistent policy direction and continued stability in the operating environment.
Source - newsday
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