Joshua Mortoti, the CEO of Vortex Resources and immediate past president of the Ghana Chamber of Mines, has called on Zimbabwe to unlock the full potential of its gold sector by embracing reforms, investment, and advanced technologies. He made the remarks at the Zimbabwe Annual Mining Conference – Gold Symposium held at the Elephant Hills Hotel in Victoria Falls.
Speaking under the theme “Unlocking the Growth Potential of the Zimbabwe Gold Industry”, Mortoti noted that while Zimbabwe produced 36.5 tonnes of gold in 2024, Ghana produced 136 tonnes and earned over USD 11.6 billion from gold exports, compared to Zimbabwe’s USD 2.5 billion. He attributed the gap not to geology but to policy implementation, operational efficiency, and investment in modern mining practices.
Mortoti said Zimbabwe’s gold deposits, which are spread across 13 greenstone belts and more than 4,000 recorded sites, remain underutilized. He emphasized the need to reevaluate existing mining assets and explore new gold fields beyond traditional mining zones to expand production. He also pointed to the importance of adopting 3D geological modeling, remote sensing, and environmentally friendly gold processing methods to improve recovery rates and reduce reliance on harmful chemicals.
Highlighting the economic significance of the gold sector, Mortoti said mining consumes a large share of Zimbabwe’s electricity, with the sector using around 600MW daily in 2024. Power challenges, he added, had cost the mining industry approximately USD 500 million in lost revenue that year. With energy demand expected to rise to 800MW daily in 2025, he urged authorities to invest in stable and reliable power infrastructure to support the sector’s growth.
He also stressed the importance of formalizing artisanal and small-scale mining (ASM), which contributes around 60 percent of Zimbabwe’s total gold output. Drawing comparisons with Ghana, Mortoti highlighted the role of Ghana’s newly established Goldbod, which now regulates the purchase, assaying, and export of gold from small-scale miners. In April 2025, Goldbod oversaw USD 897.6 million in gold exports, the highest monthly figure in over two years.
Mortoti said Zimbabwe could draw important lessons from Ghana’s regulatory model, which has boosted transparency and strengthened foreign exchange earnings. He encouraged Zimbabwean authorities to create incentives for both existing and new mining companies to invest in exploration and development of new mines, particularly in underexploited regions.
The conference brought together government officials, mining executives, investors, and stakeholders from across the value chain to discuss strategies to strengthen Zimbabwe’s gold industry and its contribution to the national economy.
