Zimbabwe’s large-scale gold producers are targeting more than US$5bn in export earnings this year, underpinned by higher output, strong international prices and ongoing investment across the sector.
The country is projected to deliver over 55 tonnes of gold through formal channels this year, representing an 18% increase from last year’s 46.7 tonnes as expansion projects and mine revival programmes gather momentum.
Speaking at the Gold Symposium held during the Chamber of Mines of Zimbabwe Annual Conference in Victoria Falls, Gold Producers Committee chairman Qubeka Nkomo said favourable market conditions are expected to persist for the remainder of the year.
“Looking ahead to 2026, favourable market conditions for gold are expected to continue, with output anticipated to exceed 55 tonnes and gold export earnings projected to reach US$5bn,” Nkomo said.
He said the medium- to long-term outlook for the sector remains positive, supported by sustained high prices and increased investment activity.
“The medium-to-long-term prospects for the gold industry are on the upside, with favourable prices expected to persist. Ongoing expansion projects, together with efforts to revive closed mines such as Redwing and Mazowe, will result in increased output as these projects ramp up production. Other exciting new investments in the gold space include Kavango and Dokwe,” he said.
The strong outlook follows a record performance in 2025, when gold export earnings surged to US$4.6bn, up sharply from US$2.5bn in 2024.
Gold remained Zimbabwe’s most important mineral export, accounting for 54% of total mineral exports and 44% of aggregate national exports during the period.
Despite the positive outlook, the sector continues to face several challenges that could weigh on future growth. These include fragile electricity supplies, high operating costs and persistent capital constraints.
Industry players have repeatedly called for improved infrastructure and increased access to affordable funding to sustain production growth and fully unlock the country’s vast gold potential. – (Business Times)
