Gold deliveries to Fidelity Refinery down 9.5% in May

Zimbabwe’s gold deliveries to Fidelity Gold Refinery fell by 9.48% month-on-month in May 2025 to 3,488.06 kg, down from 3,853.58 kg in April.

Despite this drop, deliveries surged 27.6% year-on-year from the 2,734.13 kg recorded in May 2024.

Artisanal and small-scale miners (ASM) contributed the bulk of 2,552.10 kg, though this was a 12.77% drop from April.

Still, ASM output rose 52.06% compared to May 2024, reinforcing its dominance and resilience amid rising operational costs and power supply instability.

Large-scale miners delivered 935.96 kg in May, a slight increase from April but 11.34% lower year-on-year, reflecting ongoing structural challenges and high production costs in the formal sector.

The April surge marked the highest monthly output so far in 2025, driven by ASM, which contributed nearly 76% of that month’s deliveries.

In Q1 2025, total gold deliveries rose 40.5% year-on-year to 8,496.41 kg, with ASM output nearly doubling from Q1 2024.

With ASM having accounted for over 65% of Zimbabwe’s total 2024 gold output, the sector continues to anchor gold growth.

However, experts urge increased investment, energy reliability, and policy support to also revive large-scale operations and unlock the full potential of Zimbabwe’s gold industry.

Zimbabwe Economic Review