Zimbabwe to Increase Gold Mining Royalties

According to Mining Weekly citing Reuters, Zimbabwe's recently released 2026 national budget statement shows that the country will increase royalties for gold producers, aiming to boost fiscal revenue by taking advantage of the recent record-high gold prices.

Based on Zimbabwean government documents, if the gold price exceeds $2,501 per ounce, gold mining producers will pay a 10% royalty.

Since gold prices hit a record of $4,381.21 per ounce on October 20, they have fallen by 5%, but remain above $4,000 per ounce.

Zimbabwe's Finance Minister Mthuli Ncube stated, "To ensure the mining industry contributes fair fiscal revenue to the nation during periods of high mineral product prices and to eliminate arbitrage among different mining companies, I propose to negotiate and review the royalty structure for all gold miners."

Zimbabwe's foreign exchange earnings largely depend on gold and tobacco exports.

Major gold mining producers in Zimbabwe include Kuvimba Mining House, Padenga, Caledonia Mining Corporation, and RioZim.