Small-scale
Small miners now carry three quarters of the gold
August deliveries to Fidelity Gold Refinery reached 5.12 tonnes, and small-scale producers supplied 77.7% of it. This is the market that buys and sells registered claims.
- Gold delivered, August
- 5.12 t+20.7%
- Small-scale, August
- 3.98 t
- Small-scale share
- 77.7%
- Year to date
- 31.2 tof 55.6 t projected
Small-scale miners delivered 77.7% of August gold. Year to date 31.2 t against the Treasury's 55.6 t projection.
Gold deliveries to Fidelity Gold Refinery reached 5.12 tonnes in August 2026 — up 10.1% on July and 20.7% on August 2025. Small-scale and artisanal producers supplied 3.98 tonnes, or 77.7%. Large-scale mines delivered 1.14 tonnes.1
Each square is 1% of August’s 5.12 t. Gold squares: small-scale miners (3.98 t). Green: large-scale mines (1.14 t).
Source: Mining Zimbabwe, 11 Sep 2026
Show the numbers
| Period | Small-scale (t) | Large-scale (t) | Small-scale share |
|---|---|---|---|
| August 2025 | 3.25 | 0.99 | 76.6% |
| January–June 2026 | 14.9 | 6.5 | 69.6% |
| August 2026 | 3.98 | 1.14 | 77.7% |
A year of small-scale growth, with one bad month
Across the first half, small-scale producers delivered 14.9 of the 21.4 tonnes that reached Fidelity.2 The trend has not been smooth. March fell to 2.85 tonnes, the weakest month of the year, which industry sources put down to the short-lived 10% ZiG retention policy and payment disruptions rather than rainfall.3 Deliveries recovered through the second quarter and August was the strongest month so far.
Source: Mining Zimbabwe (Q1), (Q2), (August)
Show the numbers
| Month | Tonnes |
|---|---|
| January 2026 * | 3.04 |
| February 2026 | 3.41 |
| March 2026 | 2.85 |
| April 2026 * | 3.32 |
| May 2026 | 3.95 |
| June 2026 | 4.81 |
| July 2026 * | 4.65 |
| August 2026 | 5.12 |
| January–August | 31.2 |
* January and April are worked out from the published quarterly totals. July is the revised figure used in the August release (4.65 t); the first July report said 3.54 t.
The target is still some way off
Eight months in, cumulative deliveries stand at about 31.2 tonnes against the Treasury's 2026 projection of 55.6 tonnes (Mid-Term Budget and Economic Review, 30 Jul 2026; this story first said a 55 t national target, corrected 18 Oct 2026).14 The Zimbabwe Miners Federation has set the small-scale sector its own target of 45 tonnes. Closing the gap means roughly 6 tonnes a month from September to December — more than any single month has delivered this year.
Straight-line pace for 55.6 t by end of August: 37.1 t
Data as of August 2026. Source: 55.6 t as stated by the Ministry of Finance, 2026 Mid-Term Budget and Economic Review, 30 Jul 2026; deliveries from Fidelity Gold Refinery data via Mining Zimbabwe
Show the numbers
| Measure | Tonnes |
|---|---|
| Delivered Jan–Aug 2026 | 31.2 |
| Official 2026 projection (Treasury) | 55.6 |
| Initial projection (Treasury) | 50.0 |
| Needed Sep–Dec | 24.4 |
The Treasury calls this a projection of gold output, not a statutory target. Monthly figures are Fidelity Gold Refinery deliveries.
Why it matters for claim values
When three-quarters of the gold comes from small operators, the ground they work on — registered claims of a few hectares each — is where most transactions happen. More production means more buyers looking for ground, more toll-milling demand and more pressure on claim prices near working mills. It also means more disputes over boundaries, which is why title checks come before any listing on this register.
For how to value and check a gold claim, see gold ground in Zimbabwe and the guide to buying a mining claim.
Source: Mining Zimbabwe, 11 Sep 2026
Show the numbers
| Producer | Aug 2025 (t) | Aug 2026 (t) | Change |
|---|---|---|---|
| Small-scale miners | 3.25 | 3.98 | +22.4% |
| Large-scale mines | 0.99 | 1.14 | +14.9% |
Changes as published, worked out from unrounded tonnages.
Sources
- Mining Zimbabwe — Zimbabwe gold deliveries rise 10% in August as small-scale miners lead (11 Sep 2026)
- Mining Zimbabwe — June gold deliveries hit 4.81 tonnes as second-quarter output reaches 12.08 tonnes (7 Jul 2026)
- Mining Zimbabwe — Gold deliveries rise 8.2% in first quarter as March slump exposes policy fallout (13 Apr 2026)
- Business Times — Gold deliveries up 20.68% (14 Sep 2026)