HARARE, Zimbabwe — In a bid to capitalize on a burgeoning gold rush, Zimbabwe has greenlit a second gold refinery in Bulawayo, the nation’s second-largest city. This move comes as the country’s gold output surges, placing unprecedented pressure on its existing infrastructure and processing capabilities.
The current state — owned Fidelity Gold Refinery is facing challenges in keeping pace with the projected record gold production, which is expected to reach 50 tonnes in 2026, a significant increase from the previous year’s record of 46. 7 tonnes. Gold’s growing importance in Zimbabwe’s foreign currency earnings is underscored by the first-quarter 2026 exports reaching $1.
19 billion. While the investors behind the new Bulawayo refinery remain confidential, the facility is set to be commissioned next year. This expansion is a strategic move to alleviate the strain on the current system and to support the country’s long-term production goals.
The new refinery’s construction is part of Zimbabwe’s broader strategy to deepen its reliance on gold as a stabilizing factor for its foreign exchange earnings. This is evident in the government’s push to scale up production, with Mutapa Gold Resources aiming to double output by 2029.
The Mutapa Investment Fund is also seeking $250 million to expand mining operations, reinforcing the country’s commitment to the gold sector.
In addition, a new policy that bars foreign individuals and firms from participating in small — scale gold mining is part of a strategy to boost local ownership and develop the domestic mineral industry. This initiative is expected to further enhance Zimbabwe’s economic stability and export earnings, as gold continues to be a cornerstone of the nation’s economic landscape.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Adekunle Agbetiloye
