Zimbabwe Targets Gold Leakages Through Artisanal Mining Formalisation

Fidelity Gold Refinery is ramping up efforts to formalise Zimbabwe’s artisanal and small-scale mining sector as authorities seek to curb rampant gold smuggling and improve transparency within the country’s gold industry. The move comes amid growing concern over massive gold leakages that continue to undermine Zimbabwe’s economy and deprive the country of critical foreign currency earnings.

Artisanal and small-scale miners remain one of the biggest contributors to Zimbabwe’s gold production. However, the largely informal sector has also been linked to widespread smuggling networks and illicit gold trading activities that authorities estimate cost the country nearly US$2 billion annually. Speaking during a visit by the Parliamentary Portfolio Committee on Public Accounts, Fidelity Gold Refinery general manager Peter Magaramombe said formalisation would help strengthen accountability and improve monitoring across the entire gold value chain.

“The work is expected to strengthen compliance and improve transparency within the gold value chain. We need to formalise the artisanal and small-scale miners so that every day we know exactly where we are, where the gold is coming from and where it is going,” said Magaramombe.

He said the programme would begin soon and would ensure that all gold delivered to Fidelity can be traced to legitimate and properly monitored mining activities.

“The process of formalisation is expected to begin soon and will assist in improving monitoring systems and management of mineral resources,” he added.

Zimbabwe’s gold industry has experienced significant growth over the past five years, with Fidelity reporting that national gold output reached 46.7 tonnes in 2025, surpassing the refinery’s original target of 40 tonnes.

Production figures have steadily increased from 26.7 tonnes in 2020 to 29 tonnes in 2021 and 35.8 tonnes in 2022, reflecting growing activity in both large-scale and small-scale mining operations. Magaramombe expressed confidence that the country would achieve its ambitious 2026 production target of 50 tonnes.

“I can assure you, honourable members, we will achieve this target of 50 tonnes for this year,” he said.

The formalisation initiative forms part of broader government efforts to tighten oversight of Zimbabwe’s mining sector, improve accountability, and reduce illegal gold exports that continue to fuel black-market syndicates.

Authorities believe bringing more artisanal miners into the formal economy will not only improve gold deliveries through official channels but also increase tax revenues, strengthen foreign currency reserves, and create a more sustainable mining sector. Economists and mining analysts have long argued that formalising small-scale mining operations could significantly reduce smuggling by giving miners better access to legal markets, financing, and technical support while improving environmental and labour standards within the sector.

Fidelity Gold Refinery

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