Strong Start for Zimbabwe Gold As Exports Reach $240 Million by February

According to data released by the Reserve Bank of Zimbabwe (RBZ), Zimbabwe’s earnings from gold exports reached US$240.1 million in the first two months of 2025.

This figure represents an 8.64 percent increase compared to the approximately US$221 million in gold exports during the same period in 2024.

This growth highlights the ongoing significant contribution of the gold sector to Zimbabwe’s national economy.

In January 2025, gold exports amounted to US$123.1 million. However, February saw a slight decrease, with export earnings totaling US$117 million.

Despite this minor monthly variation, the overall trend indicates positive growth within the gold sector. Gold continues to be Zimbabwe’s top single export, playing a crucial role in generating foreign currency.

The sector generated US$2.4 billion in export revenue for the nation in 2024. Notably, small-scale and artisanal miners are responsible for a substantial portion of Zimbabwe’s gold production, contributing around 65 percent of the total output.

This underscores the vital role these miners play in the national gold value chain and the broader economy.

The Zimbabwean gold industry has experienced significant expansion in recent years, largely fueled by various government initiatives, supportive policies, and industry-led efforts. Substantial investments have led to the reopening of dormant mines and increased output from existing operations.

Furthermore, offering better prices to small-scale miners and encouraging them to sell through official channels has resulted in increased gold deliveries.

In 2024, gold production exceeded the government’s target and even surpassed the previous record set in 2022, positioning Zimbabwe as a potential major gold producer in Africa.

Currently, the leading gold-producing nations in Africa include Ghana, South Africa, Mali, Burkina Faso, and Tanzania. Zimbabwe’s gold mining sector has shown considerable growth since 2017, although it has experienced some fluctuations. Production in 2016 totaled 21.1 tonnes. Following government policy adjustments, production increased to 24.8 tonnes in 2017 and further to 33.2 tonnes in 2018. However, in 2019, gold production declined by 16.8 percent to 27.6 tonnes.

This decrease followed the reintroduction of the Zimbabwean dollar, which created challenges for miners due to its instability, as they received partial payment in the local currency.

Currency-related issues persisted into 2020, with small-scale miners expressing dissatisfaction with the payment terms offered by Fidelity Gold Refinery (FGR), the country’s sole authorized gold buyer. This led to a significant drop in deliveries to 19 tonnes.

The decline in gold deliveries was attributed to factors such as high operating costs for miners, lengthy payment delays from Fidelity, and a government decision to pay only 75 percent of gold deliveries in US dollars.