HARARE, Apr. 17 (NewsDay Live) – Zimbabwe’s gold deliveries rose 8.3% in the first quarter of 2026 to 9.31 tonnes, underscoring sustained momentum in the mining sector despite policy-induced volatility late in the period.
Latest data from Fidelity Gold Refinery (FGR) shows output increased from 8.59 tonnes recorded in the same period last year, with small-scale and artisanal miners continuing to dominate production.
The segment accounted for nearly 70% of total deliveries, contributing 6.51 tonnes between January and March, while large-scale producers delivered 2.8 tonnes.
However, March output from artisanal miners contracted sharply, falling close to 30% month-on-month following a now-suspended directive by the Reserve Bank of Zimbabwe (RBZ) requiring 10% of payments to be made in local currency.
Analysts say the policy disrupted supply flows and risked driving gold into informal markets.
“The 10% local currency component was meant to strengthen controls, but it had the opposite effect on small-scale miners, who felt disadvantaged,” economist Enock Musara said.
RBZ Governor John Mushayavanhu subsequently suspended the measure, citing operational challenges.
“We have put the directive on hold while we work on proper logistical systems for smooth operationalisation,” he said.
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In contrast, primary producers posted a strong finish to the quarter, with March deliveries rising 24% to 1.1 tonnes, supported by stable operations and a 70% foreign currency retention threshold.
Gold remains Zimbabwe’s single largest export earner, accounting for roughly one-third of foreign currency inflows and playing a central role in supporting imports of fuel, electricity and other essentials. It also underpins the country’s gold-backed Zimbabwe Gold (ZiG) currency introduced in April 2024.
By December 2025, gold and foreign currency reserves had risen to US$1.1 billion, strengthening the country’s external position.
To sustain formal deliveries, FGR has lowered the threshold for its 5% gold incentive bonus from 20kg to 500g per month and expanded its buying network to key mining centres including Kadoma, Zvishavane and Gwanda, reducing costs and logistical risks for small-scale producers.
The improved output comes against a backdrop of elevated global bullion prices, offering Zimbabwe an opportunity to scale export earnings—provided policy stability is maintained.
