Zimbabwe’s gold industry is on course to achieve a historic milestone, with national gold production projected to reach a record 56 tonnes by 2027 as significant capital investment and mine expansion projects drive sector growth.
The Chamber of Mines of Zimbabwe’s (CoMZ) 2027 State of the Mining Industry Survey projects a strong increase in investment across the gold sector, with corporate capital expenditure expected to grow by more than 12% over the next year.
CoMZ Chief Executive Officer Dr Isaac Kwesu said the expansion will be driven by ongoing mine development projects, higher production efficiencies and continued support from robust global gold prices.
Major Investments Fuel Production Growth
Leading the wave of new investments is Caledonia Mining Corporation’s Bilboes Gold Project near Bulawayo, which is expected to become Zimbabwe’s largest open-pit gold mine.
The project has secured a combined US$300 million in financing, including a US$150 million bridge loan from a consortium of eight local commercial banks and a US$150 million convertible bond placement with international institutional investors. First production is scheduled for October 2028, with annual output expected to reach 200,000 ounces from 2029.
Caledonia’s Blanket Mine in Gwanda continues to provide a strong production base, consistently delivering between 75,000 and 80,000 ounces annually. Revenues from the mine are supporting exploration and early-stage development work at Bilboes.
Further strengthening future output is Ariana Resources’ Doo Gold Project in Tsholotsho. The project is designed for a 20-year mine life and is expected to produce approximately 100,000 ounces of gold annually, initially through open-pit operations before transitioning to stockpiled ore processing.
Mutapa Gold Resources is advancing Zimbabwe’s drive to increase gold output through a US$75 million investment programme aimed at doubling the company’s production by 2029. The Ministry of Mines and Mining Development has described the investment as a strong vote of confidence in the country’s formal gold mining sector and its long-term growth prospects.
The expansion is further supported by a US$160 million financing facility provided by a consortium of 11 local commercial banks to fund wider modernization and capacity-expansion initiatives across the sector. Buoyed by robust international gold prices and strong export earnings, the investment is expected to enhance production capacity, strengthen foreign currency generation and support Zimbabwe’s broader mineral value-addition and beneficiation agenda.
Small-Scale Miners Remain Key Contributors
Despite growing investment in large-scale projects, the Artisanal and Small-Scale Mining (ASM) sector remains the backbone of Zimbabwe’s gold industry, historically contributing more than 60% of the country’s gold deliveries.
The sector’s ability to economically exploit narrow-vein deposits across Zimbabwe’s gold-rich greenstone belts continues to give it a strategic advantage over larger mining operations.
To support increasing production, sole gold buyer Fidelity Gold Refinery (FGR) is targeting 55 tonnes of official gold deliveries in 2027. The refinery is expanding its network of buying centres, introducing mercury-free processing facilities and maintaining its instant-payment model to encourage miners to sell through formal channels.
Government Intensifies Anti-Smuggling Measures
As production rises, authorities are also stepping up efforts to curb gold leakages and smuggling.
The Zimbabwe Republic Police Minerals Unit, working alongside FGR enforcement teams, has increased surveillance operations using drone technology and digital gold detection systems at border posts and suspected illicit trading routes.
The enhanced enforcement measures are aimed at ensuring that gold produced by both large-scale and small-scale miners is channelled through official markets, supporting Zimbabwe’s ambition to achieve its record 56-tonne production target by 2027. 
