- March 2025 marked a record high in gold production for Zimbabwe, with artisanal and small-scale miners (ASM) achieving their highest output ever
- Gold deliveries surged by 8.8% month-on-month, totalling 2.79 tonnes, driven by the end of heavy rains and an increase in gold prices
- The first quarter of 2025 saw a 40.5% increase in gold deliveries compared to Q1 2024, totalling…
Harare- Zimbabwe’s gold production in March 2025 achieved a historic milestone, with artisanal and small-scale miners (ASM) recording their highest monthly output ever. The month also marked the highest combined gold deliveries from both ASM and large-scale miners (LSM) in the country’s history.
Deliveries surged, driven by the cessation of heavy rains and rising gold prices, resulting in significant increases both month-on-month and quarter-on-quarter compared to the previous year.
On a month-on-month basis, gold production rose by 8.8%, reaching 2.79 tonnes in March 2025, up from 2.57 tonnes in February 2025. ASM contributed 1.86 tonnes, a 14% increase from 1.64 tonnes the previous month, while LSM saw a slight uptick to 928.8 kg from 927.9 kg.
The ASM output in March set a new record, surpassing all previous monthly highs for both ASM and LSM (for March). The last notable March high for ASM was 1.8 tonnes in 2018, the year ASM began outpacing LSM, while LSM’s historical peak was 1.5 tonnes in March 2023.
The first quarter of 2025 saw a remarkable 40.5% increase in gold deliveries, totalling 2.8 tonnes compared to 2 tonnes in the first quarter of 2024. This was the highest quarterly output since 2022, when 10.2 tonnes were delivered.
Two key factors drove this growth: the end of heavy rains and rising gold prices. Zimbabwe typically experiences heavy rainfall from November to late February, sometimes extending into March, which floods mining pits and hampers ASM production due to their lack of advanced dewatering equipment.
Some LSM operations, like RioZim, face similar challenges. Consequently, gold production is usually lower in the last three and first three months of the year.
In March 2025, however, minimal rainfall allowed for a 14% increase in ASM output, significantly boosting overall deliveries.
While LSM recorded a marginal production increase in March 2025, their output continued to lag behind historical highs. In March 2023, LSM achieved a peak of 1.5 tonnes when all major mines were fully operational. Since 2024, however, challenges have persisted. Caledonia’s Bilboes mine, for instance, has been operating below capacity and was placed under maintenance, reducing LSM contributions.
Similarly, RioZim, one of the top four producers, has faced setbacks due to equipment breakdowns, electricity shortages, and limited access to credit financing, further dragging down LSM output.
Another key driver of increased gold deliveries for the month was the rise in gold prices, which surpassed $3,000 per ounce on February 17, 2025, and remained above this level throughout March and into April.
Gold prices rose by 601.48 USD per troy ounce, or 22.92%, since the start of 2025, reaching an all-time high of $3,245.44 in April, according to trading on a contract for difference (CFD) tracking the commodity’s benchmark market.
These elevated prices incentivised miners to ramp up production.
However, since December 2024, Zimbabwe has struggled to fully capitalise on these price gains, as earnings trended downward despite the rising bullion value.
While production dipped slightly, the expectation was that higher prices would offset some of these losses.
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