Gold producers in Zimbabwe delivered 35.88 tonnes of the metal to Fidelity Gold Refinery (FGR) during the first nine months of the year, according to figures released by the state-owned entity. The deliveries place the nation in a position to approach its annual target of 50 tonnes, a key goal for one of Zimbabwe’s primary export sectors.
Fidelity Gold Refinery, the country’s sole authorized gold buyer and a subsidiary of the Reserve Bank of Zimbabwe, reported the cumulative total through the end of September. To meet the 50-tonne target by the end of the year, producers would need to deliver an additional 14.12 tonnes in the fourth quarter.
The deliveries originate from two primary sources: large-scale primary producers and the artisanal and small-scale mining (ASM) sector. The government has implemented several policy measures aimed at increasing the volume of gold sold through formal channels like FGR. These initiatives include incentive programs and a payment system that provides producers with a combination of U.S. dollars and local currency, intended to discourage smuggling and encourage official declarations.
Gold production is a central component of the Zimbabwean government’s broader economic plans. The mining sector is targeted to become a US$12 billion industry, and gold, alongside platinum group metals and diamonds, is expected to be a major contributor. Revenue from gold exports is a significant source of foreign currency for the country.
For comparison, the 35.88 tonnes delivered in the first three quarters of the year surpass the total amount delivered in the entirety of the previous year. According to central bank data, Zimbabwe’s total gold output was 29.6 tonnes for all of 2021. The country’s highest recorded annual output was in 2022, when total deliveries reached 35.3 tonnes.
