- Zimbabwe earned $1.4 billion from 15.8 tonnes of gold between January and May 2025, a 133% increase from the same period in 2024.
- The country lost billions to smuggling and side-marketing, with estimates suggesting $2.24 billion annually
- Zimbabwe's miners face heavy taxes, power outages, and bureaucratic delays, which hold back production
Earnings in US$ Mns 
Sources: Zimstat, Equity Axis Research
Harare- Gold is Zimbabwe’s golden ticket, shining brighter than ever as the world’s chaos, wars in the Middle East, Russia’s invasion of Ukraine, and shaky U.S. support for Kyiv drive demand for this safe-haven metal.
In Zimbabwe, gold has overtaken tobacco as the top earner of foreign currency since the early 2000s, when land reforms tanked tobacco production from 260 million kilograms to just 48 million by 2008. Today, gold accounts for 80% of Zimbabwe’s foreign exchange and up to 45% of monthly exports, fuelled by sky-high prices and a surge in small-scale mining.
A Record-Breaking Year
In 2025, gold prices hit a jaw-dropping $3,500 per ounce in April, holding steady above $3,000 since February. Zimbabwe’s gold exports are smashing records, with May 2025 raking in $368.1 million from 3.5 tonnes delivered to Fidelity Printers and Refiners (FPR). Small-scale and artisanal miners (ASSM) led the charge, contributing 2.55 tonnes.
From January to May, Zimbabwe earned $1.4 billion from 15.8 tonnes of gold, a 133% jump from $599 million in 2024 for the same period. Last year, 36.48 tonnes brought in $2.5 billion, cementing gold’s dominance.
Missed Billions
But here’s the catch: Zimbabwe could be earning much more. Since being kicked out of the London Bullion Market Association (LBMA) in 2008, when production plummeted to 3 tonnes, the country has relied on middlemen, mainly in the UAE, to sell its gold. This comes at a cost, 10% to 20% of earnings vanish. In 2023, Zimbabwe lost nearly 20% of its gold revenue; in 2024, another 10% slipped away.
If Zimbabwe had sold directly through the LBMA in 2025, it could have pocketed $1.56 billion to $1.75 billion year-to-date, instead of $1.4 billion using spot gold prices.
Then there’s smuggling and side-marketing. In 2017, reports estimated Zimbabwe lost 1 tonne of gold per month. By 2023, the Gold Mafia documentary claimed losses of $1.2 billion a year. In 2025, the Minister of Mines, Winston Chitando, said 40% of gold revenues, $2.24 billion annually are lost to smuggling.
This means Zimbabwe could have earned $2.2 billion from 20 tonnes (YTD deliveries to Fidelity) while output high to 26.33 tonnes in the first five months of 2025, instead of 20 tonnes.
Heavy Taxes and Tough Conditions
Zimbabwe’s miners face a tough environment. The country is one of Africa’s most heavily taxed, especially in the Southern African Development Community (SADC). Miners must surrender 30% of their earnings for local currency, which loses value on the parallel market, costing them at least 12% of their income. High electricity costs, 18-hour daily power cuts in 2024, and bureaucratic delays in licensing make things worse. These barriers hold back production, keeping Zimbabwe from hitting its full potential.
A Wild History
Zimbabwe’s gold story is a rollercoaster. The 1980s saw steady output at 15–20 tonnes yearly. A peak of 27 tonnes in 1999 crashed to 3 tonnes during 2008’s hyperinflation crisis. Legalizing artisanal mining in 2013 sparked a recovery, with 24 tonnes by 2016 and 33.2 tonnes in 2018.
COVID-19 cut 2020 production to 19 tonnes, but 2022 hit a record 35.3 tonnes, driven by small-scale miners. In 2023, power and currency issues dropped output to 30.1 tonnes, but 2024 roared back with 36.48 tonnes, 65% from ASSM. The first five months of 2025 produced 15.8 tonnes, with ASSM contributing 75%.
Zimbabwe’s Top Gold Mines
- Freda Rebecca: A top producer, it delivered 3.6 tonnes in FY2025, up from 2.2 tonnes in 2024, due to better operations and a 6MW solar plant.
- Blanket Mine: A steady performer, it produced 76,656 ounces in 2024 and is on track for 74,000–78,000 ounces in 2025, with new drilling showing promise.
- Eureka: Part of Padenga Holdings, it contributed 1.8 tonnes to 2024’s 2.7-tonne total. A $30 million investment in 2025 aims to boost output.
- Pickstone Peerless: Also under Padenga, it produced 0.827 tonnes in 2024, shifting to underground mining.
- Sabi Gold Mine: Output jumped from 15 kg to 40 kg per month by early 2025, with plans for 60 kg, backed by a $26 million upgrade.
- Shamva Mine: Part of Kuvimba’s portfolio, it produced around 20,000 ounces in 2025, with expansion plans seeking $150 million.
- Renco Mine: Owned by RioZim, it produced 176 kg in 2024, outpacing RioZim’s Cam & Motor mine.
What’s Next for 2025?
With $1.4 billion earned from January to May, projections for FY2025 are bright. At 3.5 tonnes per month for the remaining seven months, earnings could hit $3.76 billion. If Zimbabwe reaches its 40-tonne target, it could earn $4.03 billion.
A cautious estimate of 2.8 tonnes per month at $2,860 per ounce suggests $3.2 billion. Either way, 2025 could bring $3.2–4.03 billion.
Africa’s Gold Race
Zimbabwe’s 36.48 tonnes in 2024 lags behind Ghana (117 tonnes), South Africa (80 tonnes), Mali (61 tonnes), and Burkina Faso (60 tonnes) but beats Zambia (3.41 tonnes). Ghana’s success comes from balanced mining, better pricing, and tracking. By copying these, Zimbabwe could aim for 50–100 tonnes and join Africa’s gold giants.
The Bottom Line
Gold is Zimbabwe’s lifeline, and with global chaos driving prices, the country is set to cash in. But heavy taxes, smuggling, and power woes are costing billions. By fixing these, Zimbabwe could turn its gold rush into a flood of wealth, rivalling Africa’s biggest players. The opportunity is there, it’s time to seize it.
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