Zimbabwe’s gold deliveries for the first quarter of 2026 reached 9.31 tonnes, marking an 8.3 percent increase from the 8.59 tonnes recorded during the same period last year, according to the latest statistics from the Fidelity Gold Refinery (FGR).
The performance underscores continued resilience in the mining sector, with small-scale and artisanal miners contributing nearly 70 percent of the total output. Between January and March, the artisanal sector delivered 6.51 tonnes, while large-scale primary producers supplied 2.8 tonnes.
However, the quarter was not without challenges. In March, small-scale gold deliveries plunged by almost 30 percent compared to February, following a now-suspended Reserve Bank of Zimbabwe (RBZ) directive that required miners to accept 10 percent of their payments in local currency. Analysts say the sudden shift disrupted an already fragile supply chain.
Economist Enock Musara noted that the policy, intended to curb side-marketing by large producers, instead risked pushing artisanal gold into informal channels.
“The 10 percent local currency component was meant to strengthen controls, but it had the opposite effect on small-scale miners, who felt disadvantaged,” he explained.
Recognising the fallout, RBZ Governor Dr John Mushayavanhu announced an immediate suspension of the policy late last month, citing implementation challenges at FGR.
“We have put the directive on hold while we work on proper logistical systems for smooth operationalisation,” he said.
While small-scale output dipped sharply, primary producers had a strong close to the quarter. Deliveries from large companies rose to 1.1 tonnes in March, a 24 percent increase from February, supported by stable operations and a 70 percent foreign currency retention threshold.
Overall, the mining sector remains a cornerstone of Zimbabwe’s economy. Gold accounts for about one-third of national export earnings, providing critical liquidity for fuel, electricity, and other key imports. It also underpins the Zimbabwe Gold (ZiG) currency introduced in April 2024.
By December 2025, the country’s reserves had strengthened to US$1.1 billion, creating a buffer against inflationary shocks.
To boost formal deliveries, FGR recently lowered the incentive threshold for the 5 percent gold bonus from 20kg to 500g per month, and expanded buying centres to mining hubs such as Kadoma, Zvishavane, and Gwanda, reducing transport costs and risk for artisanal miners.
The interventions come at a time when global gold prices have surged above US$5 000 per ounce, presenting Zimbabwe with a rare opportunity to expand earnings if deliveries remain stable.
