Fidelity Gold Refinery (FGR), Zimbabwe’s sole authorised gold buyer, has revised its annual gold delivery forecast for 2025, projecting that output will reach 45 tonnes by year-end. The figure surpasses the earlier target of 40 tonnes and reflects the strong performance of small- and large-scale producers who are taking advantage of record-high global gold prices.
The announcement was made by FGR general manager Peter Magaramombe during the Association of Mine Managers of Zimbabwe (AMMZ) annual conference in Victoria Falls on Friday. Magaramombe said the upward revision was informed by sustained monthly delivery trends recorded throughout the year.
According to Magaramombe, FGR is currently receiving an average of four tonnes of gold per month. If deliveries maintain this pace, an additional five tonnes are expected by December, pushing the annual total to 45 tonnes.
“The current monthly gold delivery average is four tonnes. If this trend continues until year-end, we expect an additional five tonnes, bringing total deliveries to 45 tonnes, exceeding our original target by five tonnes,” he said.
At prevailing international gold prices — approximately US$4 051.61 per ounce — the expected deliveries translate to gold export earnings of about US$5.85 billion, further cementing gold’s position as Zimbabwe’s top foreign currency earner.
FGR Ups 2025 Gold Delivery Forecast to 45 Tonnes Amid Soaring Global Prices
Magaramombe noted that small-scale and artisanal miners continue to dominate deliveries, contributing more than 70% of the gold delivered in the first half of 2025. Between January and June, these miners supplied 14.56 tonnes, highlighting their central role in sustaining the mining sector.
He attributed the sector’s growth to a combination of favourable government policies and incentives designed to encourage formalisation and discourage smuggling. Key incentives include:
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100% foreign currency retention for gold producers
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A 5% incentive for every 500 grams delivered to FGR
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Faster and more transparent payment systems
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Increasing availability of equipment and financing support to small-scale players
“The trend shows that gold deliveries grew by an average of 29% during the period under review. Total deliveries have risen from 29.6 tonnes in 2021 to 40 tonnes as of 20 November 2025,” Magaramombe said.
He emphasised that stability in the macroeconomic environment, coupled with improved engagement between miners and regulators, has allowed production to grow steadily despite operational challenges such as power outages and rising input costs.
Zimbabwe has in recent years intensified its fight against illicit gold trading, which previously drained millions of dollars in potential revenue. Magaramombe said FGR and law enforcement agencies have strengthened surveillance and interdiction systems targeting undeclared exports and illegal gold markets.
He highlighted the collaboration between the Gold Trade Enforcement Unit and the Zimbabwe Republic Police’s Illusion Monitoring Programme as key to blocking smuggling routes and capturing more gold within the formal system.
“These efforts have been highly successful in combating illicit financial flows, preventing money laundering, and ensuring that gold entering the formal system comes from legitimate sources,” he said.
Officials say stricter border checks, digital tracking tools and harsher penalties for offenders have deterred would-be smugglers, while improving confidence among producers who prefer formal channels.
With deliveries on an upward trajectory, FGR is now setting its sights even higher for 2026. The refinery projects receiving at least 50 tonnes of gold next year — an 11% increase from the projected 45 tonnes for 2025.
The forecast is based on expectations of increased investment in mining operations and a continued favourable global price environment. FGR expects an average price of US$4 600 per ounce in 2026, although global investment bank Goldman Sachs predicts prices could climb to US$4 900 per ounce before the year ends.
Analysts say sustained high prices may spur further mechanisation among small-scale miners and push large-scale producers to ramp up output.
Zimbabwe’s mining sector continues to be the backbone of the economy, with gold contributing the highest share of mineral revenues. As other sectors battle foreign currency shortages and high inflation, rising gold deliveries offer a buffer that could shore up national reserves and stabilise government revenues.
FGR’s optimistic projections suggest that, with continued policy support and tighter regulation, Zimbabwe may be on course to reclaim its position as one of Africa’s top gold-producing nations.
Source- Byo24
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