Farai Mabeza
Zimbabwe’s gold sector is in the middle of a new growth cycle, with record production, rising export earnings and the expanding role of artisanal and small-scale miners reshaping the outlook of the country’s most valuable mineral industry.
Favourable international gold prices, expansion projects by mining companies and increased support for small-scale miners have combined to push output to new levels, strengthening gold’s contribution to Zimbabwe’s economy.
Speaking at the ongoing Chamber of Mines Annual Conference in Victoria Falls, Gold Producers Association Chairman Qubeka Nkomo said current market conditions presented a major opportunity for the industry.
“The market conditions for the gold industry remain bullish. We are excited by that, providing an opportunity for our gold industry to grow and maximise its contribution to the socio-economic development of Zimbabwe,” Nkomo said.
Zimbabwe’s gold production reached a record 50.6 tonnes in 2025, rising from 38.5 tonnes in 2024, representing a 31% increase.
Nkomo said the growth was supported by strong gold prices and continued investment across the sector.
“Gold output increased to a peak of 50.6 tonnes, up from 38.5 tonnes in 2024, which is 31% up, underpinned by fair gold prices and ongoing expansion activities across the gold sector,” he said.
The production increase translated into higher export earnings, with gold exports rising to US$4.6 billion in 2025 from US$2.5 billion in 2024.
“Gold exports accounted for 54% of mineral exports and 44% of aggregate national exports,” Nkomo said.
The positive momentum is expected to continue, with the industry projecting production of more than 55 tonnes in 2026 and export earnings of about US$5 billion.
“In the outlook for 2026, the favourable market conditions for gold are expected to persist, with gold output anticipated to surpass 55 tonnes and gold exports projected to reach US$5 billion,” he said.
Nkomo added that future growth would be supported by expansion projects and attempts to restart previously closed mines.
“The medium to long term prospects for the gold industry are on the upside, with favourable prices expected to persist, and ongoing expansion projects, as well as efforts to revive gold closed mines such as Red Wing, Penhalonga, will result in increased gold output as projects ramp up production,” he said.
The sector’s growth has also been driven by artisanal and small-scale miners, who have become a significant contributor to national gold production.
Zimbabwe Miners Federation president Henrietta Rushwaya said government support through initiatives such as the Gold Development Initiative Fund had helped small-scale miners access equipment and increase production.
“Small-scale miners have been provided with machinery and yellow equipment and even assets that they will see befitting their scales of production. And by so doing, government has also allowed us to grow in our production,” Rushwaya said.
She said small-scale miners had moved from producing less than 15 tonnes annually in 2018 to 36 tonnes in 2025.
“That on its own is indicative of the fact that we are a force to reckon with,” Rushwaya said.
The rising contribution of small-scale miners highlights the changing structure of Zimbabwe’s gold industry, where both large-scale producers and artisanal miners are increasingly central to the country’s export growth strategy.
