By: Mining Zimbabwe

Zimbabwe’s gold sector is enjoying a period of exceptional growth, with export earnings in the first half of 2025 soaring to US$1.84 billion—more than double the US$870 million recorded during the same period in 2024.

The strong performance puts the country firmly on track to achieve its ambitious full-year revenue target of US$3.2 billion.

This surge in earnings is largely underpinned by a sharp increase in physical gold deliveries.

Total gold output reached 20,103.55 kilograms (approximately 20.1 tonnes) during the first six months of 2025, marking a 45.85% rise compared to the 13,784.29 kilograms delivered over the same period last year.

Favourable global market conditions further amplified the sector’s performance. In the first half of the year, international gold prices climbed by 26%, driven by a weaker US dollar, stable interest rates, and heightened geopolitical tensions that prompted investors to seek refuge in gold.

This created an ideal environment for Zimbabwe to convert its production gains into substantial foreign currency inflows.

According to the Reserve Bank of Zimbabwe (RBZ), June stood out as a particularly strong month, with gold export receipts reaching approximately US$394 million—a remarkable 146% increase from the US$160 million recorded in June 2024. This strong mid-year performance highlights the momentum building within the sector.

The central bank noted that gold continues to anchor Zimbabwe’s foreign currency earnings, providing critical support for import requirements and helping to stabilise the local currency. With reserves under pressure, these recent gains are offering a much-needed buffer to the economy.

Production patterns also reveal an evolving structure in the mining industry. The increasing contribution from the artisanal and small-scale mining (ASM) sector underscores its resilience and growing importance in the gold value chain.

Buoyed by improved access to processing facilities, informal financing channels, and competitive pricing, small-scale miners have become a key driver of national output—offsetting a notable slowdown in large-scale operations.

As the country’s most valuable mineral export, gold continues to play a pivotal role in Zimbabwe’s broader economic outlook. Globally, the precious metal has already recorded 26 new all-time highs in 2025, extending the bullish trend seen in the previous year.

However, the World Gold Council has cautioned that investor sentiment may shift in the second half of the year if inflation continues to ease and equity markets regain strength—factors that could dampen gold’s safe-haven appeal.

Despite these potential headwinds, Zimbabwe’s gold sector appears robust. With strong production fundamentals, growing small-scale contributions, and supportive international pricing, the industry remains one of the country’s most vital economic pillars for 2025 and beyond.