Zimbabwe Gold Earnings Jump 61% to US$2.6bn as Production and Prices Rise

By Moses Nldovu


HARARE — Zimbabwe’s gold export earnings surged 61 percent to US$2.6 billion in the first eight months of 2026, driven by higher international gold prices and increased domestic production.**

Reserve Bank of Zimbabwe figures show that gold receipts rose from US$1.62 billion recorded during the same period in 2025, reinforcing the precious metal’s position as the country’s leading source of foreign currency.

Zimbabwe shipped about **31.46 tonnes of gold between January and August**, with monthly receipts recording significant year-on-year increases throughout most of the period.

Gold exports generated US$290.08 million in January, up 136 percent from US$123.11 million recorded in January 2025.

February receipts increased 138 percent to US$278.54 million, while March earnings reached US$274.68 million, representing a 76 percent rise from the same month last year.

Receipts climbed to US$343.97 million in April, an 88 percent increase, before reaching US$286.95 million in May and US$363.89 million in June.

July generated US$344.83 million, while August recorded the strongest monthly performance of the year at US$417.48 million, up 60 percent from US$261.06 million in August 2025.

The combined monthly receipts amounted to approximately US$2.6 billion.

Small-scale miners remain key

Artisanal and small-scale miners continue to play a major role in Zimbabwe’s gold sector, accounting for an estimated 70 to 75 percent of national production in recent years.

Their contribution has been supported by increased processing capacity, formalisation measures and incentives designed to encourage miners to sell gold through official channels.

Large-scale mining companies are also expanding operations and investing in new projects as international gold prices remain elevated.

Caledonia Mining, for instance, announced plans to invest US$132 million in 2026 towards the development of its Bilboes project, which is expected to become Zimbabwe’s largest gold mine once fully operational.

Other mining companies are undertaking expansion and processing projects aimed at improving recovery rates, accessing deeper deposits and extending the lifespan of existing operations.

## Gold remains major foreign currency earner

Gold accounts for close to half of Zimbabwe’s total export earnings, putting it ahead of major export earners such as tobacco, platinum group metals and nickel.

The increase in gold receipts is expected to strengthen foreign currency reserves and provide additional liquidity to the economy.

Gold and other precious metals also form part of the reserve assets underpinning Zimbabwe’s structured currency, the **Zimbabwe Gold (ZiG).

However, the performance of the local currency remains dependent on several factors, including monetary policy, confidence in the exchange-rate system and the Reserve Bank’s management of liquidity.

Government targets 50 tonnes in 2026

Zimbabwe produced a record **46.7 tonnes of gold in 2025**, prompting the Government to set a target of 50 tonnes for 2026.

With about 31.46 tonnes shipped during the first eight months of the year, production and deliveries will have to increase during the final four months if the target is to be achieved.

Higher international gold prices, new mining investments and continued growth in small-scale mining are expected to remain key drivers of the sector.

If Zimbabwe reaches the 50-tonne target, the country would set another annual production record and potentially record its highest-ever gold export earnings.