Gold deliveries slip

STAFF WRITER
Zimbabwe’s gold deliveries opened 2026 on a subdued note, with both large-scale and small-scale producers registering a year-on-year monthly decline in output, according to the latest data from Fidelity Gold Refinery.
The country’s sole authorised gold buyer reported total deliveries of approximately 3,04 tonnes in January, a slight drop from about 3,17 tonnes recorded during the same period in 2025.
The figures underscore the mining sector’s continued structural dependence on the artisanal and small-scale segment, which remains the backbone of national bullion production despite the marginal performance dip.
Small-scale miners delivered 2,24 tonnes in January 2026, compared to 2,27 tonnes in January 2025. Large-scale producers recorded 808,4kg during the month, down from 903,2kg in the prior-year period.
Comprising thousands of individual miners and small syndicates operating with relatively basic equipment, small-scale miners account for more than 70 percent of Zimbabwe’s total gold output. Their agility and responsiveness to price incentives have made them the dominant force in the sector.
By contrast, large-scale miners — capital-intensive operators running deep-level underground mines and deploying heavy machinery — contribute a smaller share of total production but remain critical for stable employment, infrastructure development, and predictable tax revenues.
On the international market, gold prices softened by about 1 percent to US$4 948 per ounce yesterday, weighed down by a 0,2 percent uptick in the US dollar index and thin liquidity in Asian trading sessions, which dampened demand.