Zimbabwe has approved a second gold refinery for the first time in years, a move that reflects both the country's rising gold production and its ambitions to capture more value from one of its most important industries.

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The new refinery, which is expected to begin operations in Bulawayo next year, will become only the second licensed gold-refining facility in the country. Until now, state-owned Fidelity Gold Refinery has effectively operated as Zimbabwe's sole authorized gold buyer and refiner.

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In Zimbabwe, gold is king

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Gold remains the country's largest source of export revenue. 

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During the first quarter of 2026, Zimbabwe generated approximately $1.19 billion from gold exports. In 2025, gold exports reached $4.61 billion, accounting for nearly half of the nation's total exports.

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Production is rising as well.

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Zimbabwe produced a record 46.7 metric tonnes of gold in 2025 and is targeting 50 tonnes in 2026. Through the first quarter, gold output increased more than 8% year over year to roughly 9.3 tonnes, while deliveries to Fidelity Gold Refinery have continued trending higher.

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That's creating additional pressure on the country's refining infrastructure.

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Reducing bottlenecks

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For years, Fidelity Gold Refinery has served as the primary gateway through which legally produced gold enters Zimbabwe's formal economy. The refinery not only processes gold but also plays an important role in monitoring production, facilitating exports, and supporting the country's foreign-currency earnings. As production volumes increase, however, relying on a single refinery becomes increasingly difficult.

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A second refinery could help alleviate some of those bottlenecks.

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It could also improve competition within the sector, reduce processing delays, and create additional capacity if Zimbabwe succeeds in reaching its long-term production targets.

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And those targets are becoming increasingly ambitious.

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State-owned Mutapa Gold Resources recently announced plans to double annual output to approximately 220,000 ounces by 2029 through a series of mine expansions. Meanwhile, new projects such as Caledonia Mining's Bilboes development and ongoing growth among artisanal and small-scale miners are expected to contribute additional production over the coming years.

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Of course, building refining capacity is only one piece of the puzzle.

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Zimbabwe still faces challenges, including attracting foreign investment, improving mining productivity, formalizing artisanal mining operations, and maintaining regulatory stability. Production growth targets are encouraging, but ultimately they must be supported by investment, infrastructure, and consistent policy execution.

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Still, the licensing of a second refinery signals confidence in the direction of the country's gold industry.

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For decades, the conversation around Zimbabwe's mining sector has focused on what comes out of the ground. This announcement highlights something equally important: what happens after the gold is mined.

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As global gold prices remain elevated and Zimbabwe pushes for higher production, refining capacity may become just as important as mining capacity itself.

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