Zimbabwe's gold is shining brightly... A new refinery is inaugurated to keep pace with the production boom.

Written by Omnia Hassan:

In a move reflecting its growing ambitions to strengthen its position among Africa's top gold producers, it is preparing Zimbabwe  To build a new gold refinery in Bulawayo, the country's second-largest city, to keep pace with record-high production of the precious metal and relieve pressure on existing processing facilities.

A production surge drives expansion

The decision came after the project obtained the necessary licenses, at a time when the Zimbabwean gold industry is experiencing rapid growth.

All gold currently produced is processed through the state-owned Fidelity refinery, but authorities believe the existing facility may not be able to accommodate the expected increase in production in the coming years.

The government expects gold production to reach about 50 tons during 2026, compared to 46.7 tons last year, which is the highest production level the country has recorded so far. The new refinery is expected to start operations during the next year, which will contribute to raising the capacity of the processing and refining sector.

Gold is a major artery for foreign currencies.

Gold has become one of the most important pillars of the Zimbabwean economy and a key source of foreign exchange. Gold exports during the first quarter of 2026 generated revenues of $1.19 billion, compared to about $579 million during the same period of the previous year.

The sector recorded revenues of $4.61 billion during 2025, which represents nearly half of the total national export revenues, reflecting the growing importance of the yellow metal in supporting the country’s financial stability.

Ambitious plans to increase production

Zimbabwe’s strategy is not limited to expanding refining capacity, but also includes raising production levels. The state-owned Mutaba Gold Resources has set a target of doubling gold production by 2029, while the Mutaba Investment Fund is seeking to raise $250 million to finance mining expansion projects.

Boosting local manufacturing

These steps coincide with new government policies aimed at promoting natural resource-based manufacturing and increasing local ownership in the mining sector, including imposing restrictions on foreign participation in small-scale mining activities.

Observers believe that the establishment of the new refinery represents an important milestone in Zimbabwe's efforts to maximize the added value of its mineral wealth, and to transform gold into a stronger pillar to support economic growth and increase foreign currency inflows.