Zimbabwe's gold output rises 8% to 9.31 tonnes in Q1 2026

Zimbabwe's gold deliveries increased by 8.3% in the first quarter of 2026, reaching 9.31 tonnes, according to data from Fidelity Gold Refinery. This marks an increase from 8.59 tonnes in the same period last year. Small-scale and artisanal miners were the primary contributors, accounting for nearly 70% of total deliveries with 6.51 tonnes between January and March, while large-scale producers delivered 2.8 tonnes. However, March saw a nearly 30% month-on-month contraction in output from artisanal miners due to a now-suspended directive from the Reserve Bank of Zimbabwe RBZ requiring 10% of payments in local currency. Economist Enock Musara noted this policy disrupted supply flows and risked pushing gold into informal markets. RBZ Governor John Mushayavanhu suspended the measure, citing operational challenges. In contrast, primary producers experienced a strong quarter, with March deliveries rising 24% to 1.1 tonnes, supported by stable operations and a 70% foreign currency retention threshold. Gold is Zimbabwe's largest export earner, contributing approximately one-third of foreign currency inflows and supporting imports. It also underpins the country's gold-backed Zimbabwe Gold ZiG currency. To encourage formal deliveries, Fidelity Gold Refinery has lowered the threshold for its 5% gold incentive bonus and expanded its buying network. This improved output occurs amid elevated global gold prices, offering Zimbabwe an opportunity to increase export earnings if policy stability