Zimbabwe’s gold output surged to a record 46.7 tonnes in 2025, a 17 percent increase from 36.48 tonnes in 2024, driven by strong global prices and robust production by small-scale miners, industry figures show.
The total marks the country’s highest annual gold haul on record, surpassing previous production levels and reinforcing the metal’s role as Zimbabwe’s top foreign exchange earner. Authorities and analysts said the performance reflects favourable policy support for the sector and the ongoing formalisation of artisanal mining.
Zimbabwe’s mining industry credited the surge largely to artisanal and small-scale miners, who delivered roughly 34.9 tonnes of gold to the country’s sole buyer, Fidelity Gold Refinery (FGR). Large-scale producers contributed the remainder, at about 11.8 tonnes, according to official data.
Gold prices remained elevated through 2025, buoying earnings for Zimbabwean producers. That trend came amid broader commodity strength, with gold frequently trading above US$4,000 per ounce for much of the year. The rally helped translate increased output into higher export revenues for the economy.
The record production also provided a boost to Zimbabwe’s foreign exchange inflows. Gold exports generated an estimated US$3.76 billion in the first 10 months of 2025, up nearly 89 percent from US$1.99 billion in the same period of 2024.
Industry observers highlighted the key role of artisanal and small-scale mining in the output jump. In earlier months, deliveries by these miners rose sharply, outpacing contributions from larger operations and accounting for most of the total growth in deliveries.
Zimbabwe’s government has set annual gold production targets initially around 40 tonnes for 2025 which were exceeded before the year’s end, prompting some forecasters to adjust expectations upward ahead of final tallies.
The gold boom comes as Zimbabwe attempts to stabilise its broader economy and strengthen its foreign currency reserves. A new gold-backed currency, the Zimbabwe Gold (ZiG), appears to have gained some traction, underpinned by the higher gold output and tighter monetary policy. Economists said the historic production figures could help sustain confidence in the currency’s reserve backing.
Still, challenges remain. The large-scale mining sector has faced operational constraints, including under-investment and infrastructure bottlenecks, limiting its contribution relative to artisanal operations. Smuggling and illicit gold flows have also been cited as concerns, potentially diverting significant quantities of output from official channels.
Zimbabwe’s success in boosting gold production stands in contrast to other parts of its economy, where growth has been constrained by macroeconomic pressures. However, analysts say the record figures signal a bright spot and a potential stabilising influence for foreign exchange reserves and export earnings in the year ahead.
