Gold Refineries in Zimbabwe: Complete Guide to All Licensed Refineries 2026
Gold refineries in Zimbabwe sit at the nerve centre of one of Africa’s most dynamic and rapidly growing gold sectors. Zimbabwe’s national gold output reached a record 46.7 tonnes in 2025 — surpassing the government’s own 40-tonne target — and the country has set an even more ambitious 50-tonne production target for 2026.
Behind every gram of that output stands Zimbabwe’s refinery infrastructure: a unique, government-dominated system that is simultaneously expanding in 2026 with the country’s first private sector refinery beginning operations.
Whether you are a gold producer deciding where to deliver your Zimbabwe gold, an international buyer seeking to understand Zimbabwe’s gold processing landscape, an investor evaluating Zimbabwe’s refining capacity, or a researcher mapping Africa’s gold refinery ecosystem — this is the most complete and up-to-date guide to gold refineries in Zimbabwe available in 2026.
Zimbabwe’s Gold Refinery Landscape — An Overview
Zimbabwe’s gold refinery structure is unlike almost any other major gold-producing country in the world. For most of its modern history, Zimbabwe has operated under a state-directed monopoly refining model, with a single government-mandated institution responsible for buying, refining, and exporting essentially all of the country’s gold output. This structure is now evolving — but understanding its historical foundation is essential for understanding every refinery operating in Zimbabwe today.
The Reserve Bank of Zimbabwe has historically controlled gold refining through its subsidiary, giving the state direct oversight of one of the country’s most valuable export earners. Zimbabwe’s gold sector contributes critically to the country’s foreign exchange earnings — making refinery operations a matter of national economic security as much as commercial activity.
In 2026, Zimbabwe’s refinery landscape consists of:
- Fidelity Gold Refinery (FGR) — the state-mandated sole official refiner and exporter
- Betterbrands Gold Refinery (Bulawayo) — Zimbabwe’s first major private sector gold refinery, beginning operations in 2026
- Mine-site processing operations — on-site smelting at major producing mines that produces doré for delivery to FGR
- King Bullion Refinery — an emerging private refinery referenced in recent 2026 industry reporting
Below are the top 4 Gold Refineries in Zimbabwe:
1. Fidelity Gold Refinery (FGR) — Zimbabwe’s Sole Official Gold Refiner
Overview and Status
Fidelity Gold Refinery (Private) Limited — operating under the brand Fidelity Gold Refinery (FGR) — is Zimbabwe’s official buyer, refiner, and exporter of gold on behalf of the government. FGR is a subsidiary of the Reserve Bank of Zimbabwe (RBZ) and holds a unique mandated position in the gold sector: until very recently, it was the only institution in Zimbabwe authorised to buy, refine, and export gold.
FGR operates from the iconic Fidelity Life Towers, 4th floor, Harare — the administrative heart of Zimbabwe’s gold trade — and publishes daily gold buying prices that set the benchmark for every gold transaction in the country.
Mandate and Legal Authority
Fidelity Gold Refinery’s mandate derives from Zimbabwe’s Gold Trade Act, which empowered the Minister responsible for Finance to issue a Gold Dealers Licence. Prior to June 1, 2021, only Fidelity Gold Refinery (Private) Limited held the Gold Dealership Licence, meaning all gold bullion produced in Zimbabwe was legally required to be sold to FGR.
With effect from August 1, 2021, Zimbabwe’s Gold Trade Act was amended to allow all gold producers to directly sell any incremental production to customers of their choice — but critically, they must still do so using FGR’s licence to export. This means FGR’s role has evolved from being a compulsory purchasing monopoly to an indispensable export infrastructure provider. No gold legally leaves Zimbabwe without FGR’s involvement in the export process.
What Fidelity Gold Refinery Does
Gold buying from all producers: FGR is authorised to procure gold from both small-scale (artisanal) and large-scale producers across Zimbabwe. It operates a network of gold buying centres reaching mining communities in gold-producing districts including Kwekwe, Chegutu, Shurugwi, Kadoma, and Zvishavane.
Assaying and certification: FGR conducts independent fire assay testing of all gold deliveries, producing official assay certificates that form the basis of payment to producers. Every gram of gold sold to FGR passes through its assay process before pricing is confirmed.
Refining to international standards: FGR refines Zimbabwe’s gold to international bullion standards — producing gold bars that meet the specifications required by international buyers and financial institutions.
Export and foreign currency generation: FGR is Zimbabwe’s primary gold export mechanism — a critical function given that gold is now Zimbabwe’s single largest export earner. In 2025, Zimbabwe generated record gold export revenues as global gold prices surged to all-time highs above $5,600/oz in January 2026.
Mosi-oa-Tunya gold coin production: FGR produces and distributes Zimbabwe’s Mosi-oa-Tunya gold coin — the country’s legal tender gold bullion coin named after Victoria Falls (“the smoke that thunders”). Issued since 2022, the Mosi-oa-Tunya coin is produced in 22-karat gold at approximately 1 troy ounce per coin, providing Zimbabweans and international investors with a physically backed gold savings and investment instrument.
FGR’s Performance — Record Output in 2025
Zimbabwe’s gold industry has experienced significant growth over the past five years, with Fidelity reporting that national gold output reached 46.7 tonnes in 2025, surpassing the refinery’s original target of 40 tonnes. Production figures have steadily increased from 26.7 tonnes in 2020 to 29 tonnes in 2021 and 35.8 tonnes in 2022, reflecting growing activity in both large-scale and small-scale mining operations. The Minister of Mines expressed confidence that the country would achieve its ambitious 2026 production target of 50 tonnes.
Of Zimbabwe’s record 2025 output, ASM gold deliveries jumped 46.9% to 34,875 kg, forming the bulk of the country’s record total 46.7 tonnes output, according to Fidelity Gold Refinery. This means artisanal and small-scale miners now account for approximately 75% of all gold delivered to FGR — a dramatic shift from the large-scale mining dominance of just a few years ago.
Fidelity’s Digital Gold Card Initiative
One of FGR’s most significant 2026 initiatives is the digital Gold Card system — a technology-based approach to creating what analysts are calling the world’s first fully traceable artisanal gold supply chain. Every artisanal miner registered in the system receives a digital card that records all gold deliveries, payments received, and compliance history.
This initiative directly addresses Zimbabwe’s most persistent gold sector challenge: gold leakage and smuggling, which diverts gold from formal channels and costs the country significant foreign exchange earnings. FGR’s formalisation push includes training programmes for artisanal miners — in April 2026 alone, 300 artisanal miners graduated from a training programme in Chegutu, with 1,200 more still in training as part of a planned nationwide rollout of mobile mining schools across all provinces.
Contact Details — Fidelity Gold Refinery
Address: 4th Floor, Fidelity Life Towers, Harare, Zimbabwe Phone: +263 772 701 730 Website: fgr.co.zw Daily gold prices: Published at miningzimbabwe.com/gold-today/
2. Betterbrands Gold Refinery (Bulawayo) — Zimbabwe’s Pioneering Private Refinery
Overview and Significance
The Betterbrands Gold Refinery in Bulawayo is poised for its official opening, with all systems ready for the facility’s inauguration. The event marks a significant strategic expansion for Betterbrands, transitioning it from Zimbabwe’s foremost gold buyer to a fully integrated refiner.
The Betterbrands Gold Refinery represents the most significant development in Zimbabwe’s gold processing infrastructure since FGR’s establishment. Located in Bulawayo — Zimbabwe’s second-largest city and historic industrial capital — the Betterbrands refinery is Zimbabwe’s first major private sector gold refinery, and its opening in 2026 signals a fundamental shift in the country’s approach to gold beneficiation.
From Gold Buyer to Integrated Refiner — Betterbrands’ Evolution
Betterbrands Investments (also referred to as Better Brands) has operated for years as one of Zimbabwe’s most significant licensed gold buyers — building a vast network of direct relationships with artisanal and small-scale miners across Zimbabwe’s goldfields.
Betterbrands has long operated as a major licensed gold buyer with a vast network of ASM miners, delivering substantial tonnage to Fidelity.
Over several years, the company has delivered nearly 60 tonnes of gold to FGR, translating to over US$6 billion in foreign currency earnings for the nation.
The new Bulawayo refinery elevates Betterbrands from an aggregator and buyer to a fully integrated gold processor — capable of refining raw artisanal and doré gold to international bullion standards domestically rather than routing it through FGR’s Harare facilities or exporting semi-processed material.
Significance for Zimbabwe’s Beneficiation Goals
The Betterbrands refinery represents a tangible step toward local beneficiation, allowing Zimbabwe to process more gold domestically rather than exporting semi-manufactured bars. This is precisely the kind of downstream integration that Zimbabwe’s mining policy documents have called for.
Zimbabwe’s government has consistently stated its goal of processing more of the country’s mineral wealth domestically rather than exporting raw or semi-processed material — following the same value-addition logic that drove South Africa’s Rand Refinery, Uganda’s Africa Gold Refinery, and Ghana’s GoldBod framework. The Betterbrands refinery is the most concrete realisation of this ambition in Zimbabwe’s gold sector to date.
Betterbrands CEO Statement
Betterbrands Gold CEO Mr. Fradreck Kunaka confirmed the refinery’s readiness in March 2026: “We are pleased to confirm that everything is now in place. The refinery is complete, and we are poised to commence operations. The official inauguration ceremony will be held very soon.”
Leadership and Background
Betterbrands was founded by Pedzisai “Scott” Sakupwanya — one of Zimbabwe’s most prominent figures in the artisanal mining supply chain. Sakupwanya’s vision for the company extended well beyond gold buying: in a 2024 interview, he projected that Zimbabwe has the potential to produce 65 tonnes of gold per annum within the next five years, and positioned Betterbrands’ refinery as a central pillar of that production growth story.
Location: Bulawayo, Zimbabwe (Zimbabwe’s second-largest city, southwestern region)
3. King Bullion Refinery — Emerging Private Processor
The King Bullion Refinery has emerged as another private sector gold processing player in Zimbabwe’s evolving refinery landscape. Referenced in 2026 industry reporting alongside Betterbrands as part of the country’s expanding private beneficiation infrastructure, King Bullion Refinery is processing gold within the formal supply chain that feeds Zimbabwe’s record output figures.
King Bullion Refinery operates within the framework established by the Gold Trade Act — working through FGR’s export licence mechanism — while providing additional domestic processing capacity that supports Zimbabwe’s broader gold output growth.
As Zimbabwe pushes toward its 50-tonne 2026 target, having multiple processing points capable of handling the increased volume is operationally essential.
4. Mine-Site Smelting Operations — On-Site Doré Production
Zimbabwe’s major large-scale gold mining operations conduct their own on-site smelting to produce doré bars — the semi-refined gold-silver alloy that is then delivered to FGR for final refining and export processing. These are not independent refineries but form an integral part of Zimbabwe’s gold processing infrastructure.
Caledonia Mining — Blanket Mine (Gwanda)
Caledonia Mining’s Blanket Mine in Gwanda, southern Zimbabwe, is one of the country’s most significant and longest-operating large-scale gold mines. Blanket Mine has its own on-site gold recovery and smelting facility that produces doré bars for delivery to FGR. Following the August 2021 Gold Trade Act amendments, Caledonia’s Blanket Mine is currently selling 70% of its gold to a customer of its choice outside Zimbabwe by exporting the gold using FGR’s licence.
Caledonia’s Bilboes Gold Project — currently in development with a technical report completed October 2025 — will add significant new milling capacity to Zimbabwe’s gold production profile when commissioned, with a Life of Mine average Total Cash Cost of US$1,032/oz placing it firmly in the lower half of global primary gold producers’ cost rankings.
Freda Rebecca Gold Mine (Bindura)
The Freda Rebecca Mine near Bindura in Mashonaland Central conducts on-site processing and produces doré for FGR delivery. One of Zimbabwe’s oldest continuously operating gold mines, Freda Rebecca contributes meaningfully to large-scale gold deliveries alongside the dominant ASM sector.
Dallaglio / Mimosa and Other Operations
Several mid-tier operations including platinum-group metal producers with gold by-products (notably Mimosa Mining in the Great Dyke) contribute gold doré to FGR’s refining operations. These operations’ gold output flows into the formal supply chain through FGR’s buying and refining infrastructure.
Zimbabwe’s Gold Refinery Regulatory Framework — Who Governs It All
The Reserve Bank of Zimbabwe (RBZ)
The Reserve Bank of Zimbabwe is the ultimate institutional authority over Zimbabwe’s gold sector through its ownership and oversight of Fidelity Gold Refinery. The RBZ’s management of FGR means that Zimbabwe’s gold refining policy is directly linked to central bank monetary policy and foreign exchange management priorities.
The Ministry of Mines and Mining Development
The Ministry of Mines oversees licensing, environmental compliance, and operational standards for Zimbabwe’s mining and processing sector. All significant gold processing operations require Ministry approval.
The Gold Trade Act
The Gold Trade Act is the primary legislation governing who may buy, sell, refine, and export gold in Zimbabwe. Its 2021 amendments opened limited space for private sector gold marketing — but the requirement to use FGR’s export licence maintains state visibility and control over all formal gold flows.
The 30% Foreign Currency Surrender Requirement
One of the most significant regulatory features affecting Zimbabwe’s large-scale gold producers is the 30% foreign currency surrender requirement — which obliges large-scale miners to convert 30% of their export earnings at the official exchange rate.
This requirement has been a persistent source of friction between the government and large-scale producers, as the official rate often lags the market, creating an implicit additional tax. Caledonia’s Q1 2026 results referenced this as a contributing factor to operational challenges.
Zimbabwe’s Gold Refinery Sector — Key Statistics 2026
| Metric | Figure |
|---|---|
| Total national gold output 2025 | 46.7 tonnes (record) |
| 2026 production target | 50 tonnes |
| ASM share of 2025 output | ~75% (34.875 tonnes) |
| ASM growth 2024–2025 | +46.9% |
| Large-scale miner output 2025 | ~11.7 tonnes |
| FGR’s primary refinery location | Harare |
| Betterbrands refinery location | Bulawayo |
| Betterbrands lifetime FGR deliveries | ~60 tonnes ($6+ billion USD) |
| Mosi-oa-Tunya coin purity | 22K (approx. 1 troy oz) |
FAQs — Gold Refineries in Zimbabwe
How many gold refineries are in Zimbabwe? Zimbabwe currently has one state-mandated official refinery (Fidelity Gold Refinery) and one newly operational major private refinery (Betterbrands Gold Refinery, Bulawayo). King Bullion Refinery operates as an additional emerging private processor within the formal supply chain. Mine-site smelting operations at Blanket Mine and other large-scale producers produce doré for FGR delivery.
Who owns Fidelity Gold Refinery in Zimbabwe? Fidelity Gold Refinery (Pvt) Limited serves as Zimbabwe’s official buyer, refiner, and exporter of gold on behalf of the government and is a subsidiary of the Reserve Bank of Zimbabwe (RBZ). FGR is state-owned and operates under a government mandate.
Can I sell gold directly to a refinery in Zimbabwe without going through FGR? Since the August 2021 Gold Trade Act amendments, large-scale producers can sell to buyers of their choice — but all exports must still use FGR’s export licence. Artisanal miners must sell through FGR or FGR-authorised agents. The Betterbrands refinery receives gold from its network of artisanal miners and processes it domestically, but export flows still operate through the FGR-centred regulatory framework.
What is the Mosi-oa-Tunya gold coin produced by FGR? The Mosi-oa-Tunya is Zimbabwe’s legal tender gold bullion coin, produced by Fidelity Gold Refinery since 2022. It is 22-karat gold at approximately 1 troy ounce per coin and is named after Victoria Falls. It functions as both a gold savings instrument and a physical gold investment vehicle for Zimbabweans. Current retail price is approximately $4,718–$4,729 per coin at May 2026 gold prices.
Where is Fidelity Gold Refinery located? FGR’s offices are at the 4th Floor, Fidelity Life Towers, Harare, Zimbabwe. Contact: +263 772 701 730. Website: fgr.co.zw.
Where is the Betterbrands Gold Refinery located? The Betterbrands Gold Refinery is located in Bulawayo, Zimbabwe’s second-largest city. The refinery entered a readiness-for-opening phase in early 2026, marking Zimbabwe’s first major private sector gold processing facility.
What is Zimbabwe’s 2026 gold production target? Zimbabwe’s government has set a 50-tonne gold production target for 2026, up from the record 46.7 tonnes achieved in 2025.
This target is underpinned by continued artisanal sector growth, expansion of formal processing infrastructure including the Betterbrands refinery, and ongoing mine development across the Midlands and Mashonaland gold belts.
How does Zimbabwe’s refinery compare to South Africa’s Rand Refinery? The Rand Refinery in South Africa is an LBMA Good Delivery List accredited facility and one of the world’s largest single-site gold refineries — processing hundreds of tonnes annually for both South African and regional African output.
FGR operates at a significantly smaller scale (46.7 tonnes national output in 2025 vs Rand Refinery’s multi-hundred-tonne capacity) but holds a similarly dominant position within its national market.
Zimbabwe Gold Refineries in 2026 — What the Expansion Means
Zimbabwe’s gold refinery sector in 2026 is at a genuine inflection point. The record 46.7-tonne output of 2025, the Betterbrands refinery opening in Bulawayo, the King Bullion Refinery’s expanding operations, FGR’s digital Gold Card formalisation programme, and the government’s 50-tonne 2026 target collectively signal a sector in structural transformation — not just a price-driven surge.
The shift from a single-refinery monopoly model toward a more pluralistic domestic processing ecosystem — with FGR retaining export dominance while Betterbrands and King Bullion add private processing capacity — mirrors the beneficiation strategies that Uganda (Africa Gold Refinery), Ghana (GoldBod framework), and Mali (Senou refinery groundbreaking 2025) have each pursued in their own gold sectors.
For international buyers of Zimbabwean gold, miners operating in Zimbabwe, and investors assessing the country’s gold processing infrastructure, understanding these developments — particularly the Betterbrands refinery’s operational debut and FGR’s evolving role — is essential context for 2026 and beyond.