Investor brief · November 2026
Gold in Zimbabwe
Record deliveries, nearly half of national exports, and three-quarters of supply from small-scale miners — gold ground in Zimbabwe is plentiful, fragmented and open to investors who verify carefully.
Updated 3 November 2026. Market context only — not a valuation of any listing and not investment advice.
01
The case for gold
Record output
46.7 t delivered to Fidelity Gold Refinery in 2025 against a 40 t target, and 35.88 t in January–September 2026 against a 50 t target for the year.1,2
Half of exports
About US$4.64 bn of gold exported in 2025 — 47.8% of merchandise exports, up from 26.6% in 2021.3
Fragmented supply
Three-quarters of 2025 deliveries came from small-scale miners, and a second refinery was licensed in June 2026 because Fidelity was unlikely to cope with rising volumes.1,9
02
Where it is
Zimbabwe's gold comes almost entirely from Archaean greenstone belts on the Zimbabwe Craton, worked since the 1890s. The historic camps of the Midlands, Mashonaland, Manicaland and Matabeleland still carry old shafts and workings alongside today's small-scale mines.12,17
- 1Kwekwe, Midlands. Founded as a gold camp in 1898; Globe and Phoenix was once the country's biggest gold mine.
- 2Kadoma, Midlands. Cam and Motor, described as the largest gold producer in Zimbabwe's history.
- 3Shurugwi, Midlands. The Selukwe goldfield of the 1890s, with chrome and PGMs nearby.
- 4Bindura and Shamva. Mashonaland Central's old reef camps; Shamva mine sits beneath Shamva Mountain.
- 5Penhalonga, Mutare. Manicaland's gold belt, mined since 1895.
- 6Gwanda, Matabeleland South. Founded by gold miners in 1900; gold and chrome mines around the town.
- 7Filabusi, Insiza. Historically a major gold district, now largely small-scale.
- 8Bubi, Matabeleland North. North of Bulawayo, home to the Bilboes open-pit sulphide deposits.
03
Grades and prices
Gold value is grade (grams per tonne), tonnage and recovery. Oxide ore near surface is cheap to treat by heap leach or carbon-in-leach (CIL); deeper sulphide ore is often refractory and needs more expensive processing.
| Blanket (underground), head grade | 3.07 g/t10 | 2025; 93.4% recovery on 826,800 t milled. |
|---|---|---|
| Padenga mines, feed grade | 1.96–2.56 g/t18 | 2025; Eureka 1.96, Pickstone Peerless 2.56. |
| Bilboes (open-pit sulphide), reserves | 24.1 Mt at 2.26 g/t11 | 1.75 Moz, effective 31 Oct 2025. |
| Gold, spot | US$3,918.60/oz4 | 3 Nov 2026; all-time high US$5,608.35 in January 2026. |
| Fidelity cash buying price | US$3,685.14/oz5 | 2 Nov 2026, fire assay. |
- Oxide and sulphide
- Bilboes was historically mined from oxide ore by heap leach. Its sulphide ore is refractory and is planned to go through flotation, BIOX bio-oxidation and CIL.11
- Small reefs
- There is no reliable published average grade for small-scale reefs. Ask for sampling across the reef width, not hand-picked specimens, and a laboratory certificate.
04
Who buys
- Fidelity Gold Refinery
- The sole buyer, refiner and exporter of Zimbabwean gold. Other minerals are exported through MMCZ.9,16
- Paid in US dollars
- Since 24 March 2026 small-scale miners are paid 100% in US dollars (a 90/10 USD–ZiG split was suspended). Large-scale miners receive 70% in US dollars and surrender 30% in ZiG at the interbank rate.8
- Direct export by large producers
- Large mines can export under Fidelity's licence: Blanket sells 70% of its gold to a customer outside Zimbabwe this way.11
- A second refinery
- A second gold refinery was licensed in Bulawayo in June 2026, to be commissioned in 2027.9
05
The rules
- Royalty
- From 1 January 2026: 3% at US$1,200/oz or below, 5% between US$1,200 and US$5,000/oz, and 10% above US$5,000/oz (Finance Act No. 7 of 2025). Reuters reports small-scale miners continue to pay lower rates of up to 2%.6,7
- Titles
- Under the current Act, ground is held as registered blocks, Exclusive Prospecting Orders, mining leases or special grants, and changes hands by transfer, tribute or option. The prospecting area for precious metals is 10 ha.14
- A new law in progress
- The Mines and Minerals Bill, gazetted in June 2025, would bring a digital cadastre, use-it-or-lose-it rules for idle claims, and small-scale mining reserved to citizens and residents. It had not been enacted at last check.13,15
- Environment
- An Environmental Impact Assessment is required under the Environmental Management Act before mining starts.14
- Foreign investors
- Foreign investors need a locally registered company and a ZIDA investment licence. Up to 100% private ownership is allowed, and no minerals are subject to indigenisation.14
- Selling gold
- All gold is sold through Fidelity. Tampering with or re-smelting authorised gold bars carries up to 15 years in prison.6
06
How deals are done
- Outright purchase
- Whole mines and claim blocks change hands for cash or shares — Caledonia bought Bilboes for shares plus a 1% net smelter royalty.12
- Tribute
- A holder lets an operator mine in return for a share of output. The agreement must be in a notarial deed lodged with the Mining Commissioner. Caledonia ran the Bilboes oxide operation under tribute before buying it.12,14
- Joint venture
- A partner funds development for a stake — Padenga is taking Pickstone underground through a joint venture.18
- Toll processing
- Small claims often process through a nearby mill or leach plant. The Bill would formalise these as licensed mine service sites.13
How Munisa works gold:
07
Risks, and how the desk handles them
| Risk | What we do about it |
|---|---|
| Title disputes. Overlapping claims, duplicate allocations and paper-and-GPS boundaries cause disputes, especially in gold areas.15 | Each listing's verification tier and due diligence checklist show whether title, coordinates and site have been checked. |
| Currency and policy. Payment rules changed twice in six weeks in 2026, and large miners surrender 30% of proceeds in ZiG.8 | Every brief is dated, and the desk flags rule changes to buyers in active deals. |
| Power. Large producers report prolonged power cuts; Blanket's grid fix is due in 2027.10 | Ask for power arrangements and generator capacity during due diligence; the desk requests them from the holder. |
| Price. Spot gold is about 30% below its January 2026 high.4 | Value rests on grade, tonnage and recovery, not the price peak; terms are discussed with the desk when a deal starts. |
| Idle claims. Under the Bill, under-used claims could be forfeited.13 | Ask for the claim's work history, inspection records and fee receipts; the desk checks them before a deal closes. |
08
Gold on the desk (12)
Teasers only: province level, figures as reported by the holder, prices discussed with the desk. Exact locations and documents follow an NDA.
Gold mine with milling plant, Murehwa — Mashonaland East (165 ha)
A 165 ha brownfield gold property near Murehwa with a milling plant on site, 434 m of trenching and 944 m of 2026 diamond drilling. Best reported intercept 4.0 m at 18.31 g/t Au.
- Size
- 165 ha
- Province
- Mashonaland East
- Stage
- Brownfield
Development stage: Development
Gold block, Shamva — Mashonaland Central (340 ha)
An undeveloped 340 ha gold block in the Shamva gold field of the Harare–Bindura–Shamva greenstone belt, offered for outright sale.
- Size
- 340 ha
- Province
- Mashonaland Central
- Stage
- Greenfield
Development stage: Prospect
Gold claim, Silobela — Midlands (55 ha)
A freshly trenched 55 ha gold claim at Silobela, Kwekwe, with a working sampling shaft. Twelve 2026 lab results returned 1.33–2.39 g/t Au. Water and power about 2 km away.
- Grade
- 1.33–2.39 g/t
- Size
- 55 ha
- Province
- Midlands
- Stage
- Brownfield
Development stage: Exploration
Gold prospect, Mazowe — Mashonaland Central (210 ha)
A 210 ha gold prospect in Mazowe District with sheared banded-ironstone outcrops. 2021 channel sampling returned 2.80 g/t over 12.1 m and 2.33 g/t over 17.9 m.
- Grade
- 0.46–2.8 g/t
- Size
- 210 ha
- Province
- Mashonaland Central
- Stage
- Greenfield
Development stage: Exploration
Gold oxide claim, Shamva — Mashonaland Central (166 ha)
A 166 ha gold claim in the Shamva gold district targeting near-surface oxide material, offered as a joint venture with a modest entry commitment, or for outright sale.
- Size
- 166 ha
- Province
- Mashonaland Central
Development stage: Prospect
Gold mine with processing plant, Mazowe — Mashonaland Central (200 ha, 20 blocks)
An operating 200 ha, 20-block gold mine in Mazowe with a milling plant, settling ponds and two working shafts on a multi-reef shear-zone system. Sale or joint venture.
- Size
- 200 ha
- Blocks
- 20 blocks
- Province
- Mashonaland Central
- Stage
- Brownfield
Development stage: Production
Gold block, Shamva — Mashonaland Central (166 ha)
A gold Special Grant of about 166 ha in the Shamva area, on the Harare–Bindura–Shamva greenstone belt, with old open workings exposing a strongly oxidised profile.
- Title type
- Special grant
- Size
- 166 ha
- Province
- Mashonaland Central
- Stage
- Brownfield
Development stage: Prospect
Antimony–gold mines, Munyati — Kwekwe (298 ha, two mines)
Two adjacent antimony–gold mines of 148 ha and 150 ha near Munyati, Kwekwe, with shafts on both. Accredited-lab specimens returned 15.1–42.4% Sb.
- Grade
- 15.1–42.4 % Sb
- Size
- 298 ha
- Province
- Midlands
- Stage
- Brownfield
Development stage: Development
Registered gold claim, Midlands open cast
Gold claim with a 400 m plus ore body grading 0.5 to 3 g/t, suited to open cast mining.
- Grade
- 0.5–3 g/t
- Title type
- Registered claim
- Size
- 90 ha
- Province
- Midlands
- Stage
- Greenfield
Development stage: Exploration
Registered gold claim, Midlands reef
Gold claim on a 10 by 3 km reef, grading 0.7 to 2.2 g/t and suited to heap leaching.
- Grade
- 0.7–2.2 g/t
- Title type
- Registered claim
- Size
- 381 ha
- Province
- Midlands
- Stage
- Greenfield
Development stage: Exploration
Registered gold claim, Manicaland
Gold claim over banded ironstone belts averaging about 5 g/t with a 130 m plus ore body.
- Grade
- 5 g/t
- Title type
- Registered claim
- Size
- 395 ha
- Province
- Manicaland
- Stage
- Greenfield
Development stage: Exploration
Registered Gold Claim, Mashonaland West
10 Ha Gold claim, samples 0.8–2 g/t over a 1–2 m belt.
- Grade
- 0.8–2 g/t
- Title type
- Registered claim
- Size
- 10 ha
- Province
- Mashonaland West
Development stage: Exploration
09
Sources and notes
- [1]360 Mozambique (citing The Herald), Zimbabwe gold production exceeded 2025 target with deliveries over 46 tons, January 2026. 360mozambique.com
- [2]Zambian Observer (citing The Herald), Zimbabwe's mining revenue nears US$10 billion in just nine months, 14 October 2026. zambianobserver.com
- [3]Equity Axis, Gold generates US$16bn since 2021, deepens Zimbabwe's mineral export concentration, 8 September 2026. equityaxis.net
- [4]Trading Economics, Gold, 3 November 2026. tradingeconomics.com
- [5]Mining Zimbabwe, Gold buying prices in Zimbabwe, 2 November 2026, 2 November 2026. miningzimbabwe.com
- [6]Muvingi & Mugadza, Mining tax and regulatory updates in Zimbabwe (2026): Finance Act (No. 7) of 2025, 5 January 2026. mmmlawfirm.co.zw
- [7]Reuters (via Kitco), Zimbabwe scraps gold royalty hike, sets higher threshold for windfall tax, 17 December 2025. kitco.com
- [8]Equity Axis, RBZ rewrites gold rules again: small-scale miners to retain 100% in USD, 25 March 2026. equityaxis.net
- [9]Miningmx (citing Bloomberg and Reuters), Zimbabwe licenses second gold refinery in Bulawayo, 17 June 2026. miningmx.com
- [10]Caledonia Mining, Full-year 2025 results, 23 March 2026. finviz.com
- [11]Caledonia Mining (SEC Form 6-K), Bilboes technical report summary, 24 November 2025. sec.gov
- [12]Caledonia Mining, Bilboes, accessed 3 November 2026. caledoniamining.com
- [13]Muvingi & Mugadza, Overview of the provisions of the Mines and Minerals Bill, 2025, 6 August 2025. mmmlawfirm.co.zw
- [14]Muvingi & Mugadza, An overview of mining law in Zimbabwe, 18 November 2024. mmmlawfirm.co.zw
- [15]AllAfrica, Zimbabwe moves to digitise mining claims under new cadastre system, 1 July 2026. allafrica.com
- [16]US International Trade Administration, Zimbabwe Country Commercial Guide: Mining and Minerals, 26 March 2026. trade.gov
- [17]Wikipedia, Town articles: Kwekwe, Kadoma, Shurugwi, Bindura, Shamva, Gwanda, Filabusi, Penhalonga, accessed 3 November 2026. en.wikipedia.org
- [18]Equity Axis, Gold windfall powers Padenga profit to $57m, 9 April 2026. equityaxis.net
What we could not pin down
- Deliveries to Fidelity are not the same as mine output; we did not find a USGS mine-production figure for 2025.
- 2025 gold exports: US$4.64 bn and US$4.61 bn are both reported by the same publisher; no ZIMSTAT or RBZ release was found.
- The gold price shown is spot, not the LBMA fix.
- The small-scale share is Fidelity's (about 75%); the Zimbabwe Miners Federation reportedly puts it nearer 65%.
- We found no reliable count of greenstone belts or historic gold deposits, so none is quoted.
Compiled by Munisa Resources from public sources, as dated above. Prices and rules change; check current figures before relying on them. Nothing here is investment, legal or tax advice, an offer of securities, or a statement of Mineral Resources or Reserves. See our terms of use. Munisa Resources · dealroom.munisaresources.com
Looking for gold ground in Zimbabwe?
Tell the desk the size, province and structure — about a minute, no account.
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