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Zimbabwe Chamber of Mines optimistic about 100 tonnes gold target
05 Jun 2025 at 10:03hrs | Views
The Chamber of Mines Zimbabwe (CoMZ) has expressed confidence that the country can meet the Government's ambitious annual gold production target of 100 tonnes, despite the current national target standing at 40 tonnes for 2025.
CoMZ President Mr. Thomas Gono made the remarks during the Annual Mining Conference held in Victoria Falls from May 21 to 24, themed "Unlocking Growth Potential for the Zimbabwe Mining Industry."
Highlighting the critical role of gold mining in Zimbabwe's economy, Mr. Gono noted that the sector contributes more than 30 percent of the mining industry's gross domestic product (GDP) and has seen its share of mineral exports rise from 27 percent in 2020 to 43 percent in 2024.
"The gold mining industry remains a cornerstone of Zimbabwe's mining sector and socio-economic development," said Mr. Gono. "It also accounts for 57 percent of formal employment in mining, supporting over 1.5 million people directly and indirectly involved in gold mining nationwide."
Gold output has shown steady growth, rising from 32.4 tonnes in 2023 to 38.5 tonnes in 2024, underscoring the sector's potential.
Mr. Gono emphasized the importance of supportive policies to achieve the 100-tonne goal, particularly the need for uninterrupted electricity at competitive tariffs.
"Zimbabwe is, by all accounts, a gold-mining country. The Government's target of 100 tonnes annually is ambitious but achievable with the right policies in place," he said.
A significant challenge remains that over 60 percent of gold output originates from the artisanal and small-scale mining sector, which suffers from unreliable power supply and limited access to foreign exchange for essential inputs.
"Operating costs in the gold sector are high, and collective action is needed to reduce these costs to fully benefit from current favourable commodity prices. The sector could face severe difficulties if prices soften," Mr. Gono warned.
He also called for reforms to the gold marketing framework, noting that the majority of production comes from small-scale miners who are disadvantaged by a rigid centralised marketing system.
"Currently, the industry operates below capacity, hindered by limited capital access and reliance on outdated equipment, which reduces efficiency and cost-effectiveness," said Mr. Gono.
To meet the 100-tonne target, he estimated that the sector requires approximately US$1 billion in capital for expansion and sustainability.
The Chamber of Mines remains hopeful that with concerted effort and policy support, Zimbabwe's gold mining industry can unlock its full growth potential and significantly boost the country's economy.
CoMZ President Mr. Thomas Gono made the remarks during the Annual Mining Conference held in Victoria Falls from May 21 to 24, themed "Unlocking Growth Potential for the Zimbabwe Mining Industry."
Highlighting the critical role of gold mining in Zimbabwe's economy, Mr. Gono noted that the sector contributes more than 30 percent of the mining industry's gross domestic product (GDP) and has seen its share of mineral exports rise from 27 percent in 2020 to 43 percent in 2024.
"The gold mining industry remains a cornerstone of Zimbabwe's mining sector and socio-economic development," said Mr. Gono. "It also accounts for 57 percent of formal employment in mining, supporting over 1.5 million people directly and indirectly involved in gold mining nationwide."
Gold output has shown steady growth, rising from 32.4 tonnes in 2023 to 38.5 tonnes in 2024, underscoring the sector's potential.
Mr. Gono emphasized the importance of supportive policies to achieve the 100-tonne goal, particularly the need for uninterrupted electricity at competitive tariffs.
"Zimbabwe is, by all accounts, a gold-mining country. The Government's target of 100 tonnes annually is ambitious but achievable with the right policies in place," he said.
A significant challenge remains that over 60 percent of gold output originates from the artisanal and small-scale mining sector, which suffers from unreliable power supply and limited access to foreign exchange for essential inputs.
"Operating costs in the gold sector are high, and collective action is needed to reduce these costs to fully benefit from current favourable commodity prices. The sector could face severe difficulties if prices soften," Mr. Gono warned.
He also called for reforms to the gold marketing framework, noting that the majority of production comes from small-scale miners who are disadvantaged by a rigid centralised marketing system.
"Currently, the industry operates below capacity, hindered by limited capital access and reliance on outdated equipment, which reduces efficiency and cost-effectiveness," said Mr. Gono.
To meet the 100-tonne target, he estimated that the sector requires approximately US$1 billion in capital for expansion and sustainability.
The Chamber of Mines remains hopeful that with concerted effort and policy support, Zimbabwe's gold mining industry can unlock its full growth potential and significantly boost the country's economy.
Source - the chronicle
