Zimbabwe’s mining laboratories are grappling with backlogs as a gold production boom fuels a surge in exploration activity, driven by record global prices.
Gold prices hit an all-time high of $3,500 per ounce in April 2025, spurred by geopolitical tensions, aggressive central bank buying, and global economic uncertainty—further intensified by former U.S. President Donald Trump’s tariff policies.
Once crippled by decades of political and economic instability, Zimbabwe’s gold sector has staged a dramatic recovery. Output reached 24.3 metric tons in the first seven months of 2025, a 40% increase from the same period last year. Annual production is now on track to surpass 40 metric tons, setting a new national record compared to just 3 tons in 2008.
Craig Harvey, Vice President for Technical Services at Caledonia Mining Corp., one of the country’s largest producers, said the company has experienced delays in receiving results from accredited laboratories due to the influx of exploration samples.
“It’s frustrating for us, but in the Zimbabwean context, it’s actually encouraging,” Harvey told analysts. “This high-price environment has unleashed a wave of exploration, and Zimbabwe remains vastly under-explored.”
Caledonia’s financials reflect the industry’s resurgence, posting $34.8 million in profit for the first half of 2025—up from $12.25 million a year earlier—on the back of higher output and a 40% rise in average gold prices.
CEO Mark Learmonth said the company is weighing funding options for its Bilboes project, which could become Zimbabwe’s largest gold mine, while seeking to limit equity dilution and maintain its dividend policy.
