Outgoing Chamber of Mines of Zimbabwe President Mr. Thomas Gono says the gold sector requires more than US$1 billion in capital to meet the government’s annual production target of 100 tonnes.
Speaking at the 2025 Gold Symposium in Victoria Falls, Mr. Gono said gold output increased from 32.4 tonnes in 2023 to 38.5 tonnes in 2024. Gold now contributes 43% of Zimbabwe’s total mineral exports and accounts for over 30% of mining GDP. He noted that more than 1.5 million people are directly and indirectly involved in gold mining.
Mr. Gono highlighted that over 60% of the country’s gold comes from the Artisanal and Small-Scale Mining (ASM) sector, which remains largely disconnected from dedicated power supply and lacks access to capital. He said most operators continue to use outdated equipment, limiting production capacity.
He called for improved power supply, access to foreign currency for inputs, and liberalization of the gold marketing system. He also proposed that marketing centres be brought closer to production areas and that gold possession be decriminalized to support formalization of the ASM sector.
Mr. Gono commended Fidelity Gold Refinery for timely payments and efforts to promote responsible sourcing of gold.
He said Zimbabwe remains under-explored, citing recent reports of a new gold discovery on NUST property in Bulawayo, and called for increased investment in exploration.
