Miners require US$1bn to meet government ambitious output forecast- ZCM

Record gold prices are good news for miners, but limited access to capital means Zimbabwe may fail to take full advantage, the Zimbabwe Chamber of Mines has said.

Zimbabwe Chamber of Mines President Thomas Gono told his Annual General Meeting today that the industry needs $1 billion in additional capital to meet government’s ambitions to produce 100 tonnes of gold per year.

Gold is one of the country’s major foreign currency earners.

Zimbabwe’s gold exports reached US$395,9 million during the first quarter of this year, compared to the US$303 million recorded during the same period in 2024.

In other news, the Afican Development Bank Group has approved a $10.12 million grant to support sustainable agricultural production in Zimbabwe, targeting drought-prone regions.

The bank says the project’s primary focus is on climate-smart agricultural productivity and value chain enhancement, which includes rehabilitating dip tanks, developing solar-powered boreholes, and supporting crop-livestock value chains”

AfDB adds that the project will benefit 7,000 livestock-keeping farmers and 42,000 smallholder farmers.

Zwnews