Gold deliveries to Fidelity Gold Refinery,the country’s sole buyer and marketer of the yellow metal, are expected to surpass 40 tons this year, with Finance Minister Mthuli Ncube projecting an increase to 43 tons, buoyed by strengthening international prices and renewed investor interest in the sector,Business Timescan report This comes as the Ministry of Mines and Mining Development recently set a target of 40 tons for gold deliveries by the end of 2025 Presenting the 2025 Mid-Term Budget Review Statement, Ncube attributed the projected growth to robust global prices and intensified investments in new and expansion projects “Gold output is projected to rise to 43 000kg in 2025 from 38 000kg recorded in 2024, benefiting from strengthening international gold prices, which have reached a record peak of US$3 400.8/ounce in May 2025
The sustained high gold price has attracted investment in new and expansion projects in the sector,” Ncube said He further revealed that gold deliveries to Fidelity Gold Refinery during the first half of 2025 surged by 35.2% to 20 103.6kg, compared to 14 868.5kg in the same period last year Meanwhile, coal has also emerged as a key growth area for the mining sector this year, driven by increasing demand for coke, particularly from domestic players such as Hwange and Dinson Collieries “Coal production is expected to increase to 6.3 million tonnes in 2025, benefiting from the increased demand for coke
So far, coal production witnessed a 63.5% increase in the first quarter of 2025 compared to the same period in 2024, driven by heightened demand from Hwange and Dinson Collieries’ coke oven batteries,” Ncube stated However, the outlook for other minerals such as lithium, nickel, diamonds, and Platinum Group Metals (PGMs) is less optimistic, as international prices remain subdued “In 2025, major minerals of the PGMs are projected to experience a significant decline compared to 2024 levels, primarily due to continued drop in international mineral commodity prices, especially for palladium and rhodium,” Ncube said Diamond production for 2025 has been revised downwards to 5.2 million carats from the earlier November 2024 forecast of 5.4 million carats
This adjustment follows weaker-than-expected output during the first quarter of the year Nickel production is also expected to fall to 14 484.1 tonnes, representing a 4.3% decrease from 2024, due to weaker international prices and operational disruptions “Nickel production is projected at 14 484.1 tonnes in 2025, representing a decline of 4.3% from the 2024 level, largely due to anticipated decreases in international prices for both nickel and PGMs, which are expected to impact secondary producers, as well as the fact that the major primary producer has halted production,” the minister said Lithium, which had become a rising star in recent years, is projected to decline significantly due to depressed global prices
“Lithium production is expected to decline to 350 034 metric tonnes in 2025, primarily on account of depressed international lithium prices,” Ncube added Despite the broader challenges across the mining sector caused by fluctuating commodity prices, gold remains a bright spot Its status as a safe-haven asset in uncertain economic times has reinforced its strategic value, and government officials are banking on it to drive growth in the sector this year Source: Business Times
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Source: Businesstimes
