Zimbabwe Licenses Second Gold Refinery to Handle Surging Output

The Zimbabwean government has licensed a second gold refinery to expand the nation’s processing capacity, moving to ease mounting infrastructure pressures as production of the precious metal climbs toward historic highs.

The new refinery, which will be based in Bulawayo, is scheduled for commissioning next year. Currently, the state-owned Fidelity Gold Refinery processes all gold legally produced in Zimbabwe. However, authorities warn that the sole entity will soon face severe capacity constraints as national output is projected to hit a record 50 tonnes in 2026, up from 46.7 tonnes the prior year. The identities of the private investors backing the Bulawayo project remain confidential and will only be disclosed upon the facility’s formal launch.

The infrastructure expansion underscores the gold sector’s vital role in stabilising Zimbabwe’s macroeconomic landscape. In the first quarter of 2026, gold exports brought in $1.19 billion more than doubling the $579 million generated during the same period last year. This surge follows a dominant 2025 performance where gold revenues reached $4.61 billion, accounting for approximately 47.5 percent of the country’s total $9.7 billion export basket.

To sustain this momentum, the state is aggressively pursuing aggressive medium-term targets. State-owned mining unit Mutapa Gold Resources aims to double its output by 2029. Simultaneously, the country’s sovereign wealth vehicle, the Mutapa Investment Fund, is actively seeking $250 million in capital to expand extraction operations and modernise infrastructure.

This production push coincides with strict regulatory changes aimed at resource-driven industrialisation and domestic value retention. The government recently instituted a policy explicitly prohibiting foreign individuals and companies from participating in small-scale gold mining, reserving the sub-sector exclusively for local citizens.

By decentralising refining capabilities to Bulawayo and tightening localised mining protections, the government aims to fortify its mineral supply chain. Ultimately, the new refinery serves as a key strategic pillar to maximise local value addition, reduce processing bottlenecks, and secure gold as the primary anchor for Zimbabwe’s foreign exchange earnings.