Gold miners smash records
SAMANTHA MADE
Zimbabwe’s gold miners have delivered a record-shattering performance, with Fidelity Gold Refinery (FGR) receiving 24.3 tonnes of gold in the first seven months of 2025, the highest volume ever recorded over such a period in the country’s mining history.
The surge is being driven by strong global bullion prices, an expanded network of buying centres, and spot cash payments to miners upon delivery.
“Strong international yellow metal prices have pushed local gold miners to deliver a historic 24.3 tonnes during the first seven months of 2025,” said Peter Magaramombe, FGR General Manager.
“This is the first time in Zimbabwe’s gold production history to reach such a feat in such a time.”
Between January and July 2025, gold deliveries to FGR totalled 24,308.5700 units — well above the 17,369.7132 units recorded in the same period last year, representing an overall increase of about 40%.
In July alone, deliveries stood at 4,205.0207 units, up from 3,577.4202 units in July 2024, reflecting a 17.5% year-on-year rise.
FGR data shows that small-scale miners have been the backbone of this growth.
In July, they delivered 3,199.8388 kilograms of gold, while primary producers contributed 1,005.1819 tonnes, underscoring the vital role small-scale miners continue to play in Zimbabwe’s gold supply chain.
On the monetary policy front, Reserve Bank of Zimbabwe (RBZ) Governor Dr. John Mushayavanhu noted in a recent statement that, as of June 30, 2025, the central bank had continued to build gold and foreign currency reserves to stabilise the local currency and secure the targeted import cover of three to six months.
“As a result, international reserves holdings have grown by 37% from about US$530m at the end of December 2024 to about US$731m as of June 30, 2025,” Mushayavanhu said.
He added that the RBZ will sustain its gold-buying programme to strengthen foreign currency reserves.
“Reflecting historically high gold prices and the increase in gold output and the resultant in-kind royalties, monetary gold dominated the foreign reserves basket followed by foreign currency nostro deposits.”
