Zimbabwe gold deliveries hit 2026 high of 3.95 tonnes in May

Gold deliveries in Zimbabwe climbed to 3,951 kilograms in May 2026, the highest monthly figure recorded so far this year, the Financial Gazette reported on 11 June.

The May total was 18.8% above April's 3,325 kilograms, reversing the softer trend seen in March and April after a strong February. All the metal was delivered to Fidelity Gold Refinery, which is the country's only authorised buyer, refiner and exporter of gold.

Small-scale miners again dominate

Small-scale miners accounted for 2,741 kilograms of the May total, roughly 69%, with primary producers, the large-scale mines, supplying the balance of about 1.2 tonnes. That split is consistent with the pattern of recent years, in which artisanal and small-scale operators have become the backbone of national output.

Adding May and April to the first-quarter total of 9,311.92 kilograms reported earlier by Mining Zimbabwe gives cumulative deliveries of roughly 16.6 tonnes for the first five months, on our calculation from the published monthly figures.

Why the monthly number matters

For Zimbabwe, gold is more than a mining statistic. It is the country's largest source of foreign exchange and the anchor for the gold-backed Zimbabwe Gold (ZiG) currency. Monthly intake at Fidelity is therefore watched closely by the central bank, exporters and investors as an early read on export receipts and reserve accumulation.

The May rebound came as gold prices remained historically high. The challenge for policymakers is that the same small-scale sector is also the most volatile: its deliveries can fall quickly when financing, fuel or equipment is scarce, or when seasonal factors disrupt shallow workings.

Large-scale producers offer steadier volumes. Companies such as Caledonia Mining and Padenga's Dallaglio are investing in expansions, which should gradually increase the primary share of deliveries. Until those projects come through, however, national output will remain heavily exposed to the fortunes of thousands of small operators.

On our calculation, primary producers delivered about 1.21 tonnes in May, above their first-quarter monthly average of roughly 0.93 tonnes, while the small-scale figure was well ahead of the 1.75 tonnes that segment delivered in March. Both groups therefore contributed to the rebound, although the small-scale sector remained the larger swing factor.

June's figure will show whether May marked the start of a stronger mid-year run, which would be needed to keep the country on course for its ambitious targets for 2026.

Sources

• The Financial Gazette: Gold deliveries tick up, 11 Jun 2026
• Mining Zimbabwe: Zimbabwe Q1 2026 Gold Performance, 07 May 2026

Photo: Buildings and traffic in central Harare, Zimbabwe. Brandon Mushori, Wikimedia Commons, CC BY-SA 4.0.