Small-Scale Miners Dominate Zimbabwe's Gold Industry

Strategic Insights -

The small-scale mining sector in Zimbabwe has emerged as the dominant force in the country's gold industry, with production now exceeding 75% of national output. Analysts consider this shift a key success in local economic empowerment, marking a significant transfer of wealth and control from a handful of large corporations to thousands of citizens. This transformation is similar to the tobacco sector, where production is now dominated by small-scale farmers, resulting in collective earnings of over US$1 billion during the 2024/2025 farming season.

Key Takeaways:

  • Small-scale miners now contribute about 75% of Zimbabwe's gold production, signifying a significant transfer of economic power and wealth.
  • The contribution of small-scale miners to Zimbabwe's gold production has increased dramatically, with latest statistics showing a 37% jump in total gold deliveries for the first nine months of 2025.
  • Small-scale miners delivered 24,45t of gold through September, a 67% growth from the 14,6t produced in the corresponding period the previous year.
  • Deliveries from small miners this year are more than the cumulative output for the industry in the same period in 2024.
  • The Government's supportive policies, including the allowance for small-scale miners to retain 100% of their foreign currency earnings, have been key in driving growth.
  • Analysts believe the upside potential of small-scale miners remains significant, but the industry is limited by the use of rudimentary methods and the need for adequate financial support to acquire modern equipment.
  • The gold sector's success is generating trickle-down effects, leading to investments in diverse areas such as real estate, service stations, tourism, hospitality, and housing.
  • Similar trends are being observed in the tobacco industry, where production is now dominated by small-scale farmers, resulting in collective earnings of over US$1 billion.

Statistics:

*.Total gold deliveries for the first nine months of 2025 jumped by 37% to 32,98 tonnes (t).

  • Small-scale miners delivered 24,45t of gold through September, a 67% growth from the 14,6t produced in the corresponding period the previous year.
  • Deliveries from small miners this year are more than the cumulative output for the industry in the same period in 2024.
  • The tobacco industry has seen production increase dramatically, with small-scale farmers now responsible for over 95% of production.

Sources:

  • Business Reporter Zimbabwe (author not specified)
  • Zimbabwe Miners Federation
  • Fidelity Gold Refinery
  • Interview with Mr Shingi Maune, economic analyst
  • Interview with Dr Langton Mabhanga, economic analyst