Zimbabwe’s gold boom is gathering pace. As the southern African nation pushes to raise gold production to 50 tonnes this year and deepen its reliance on bullion as a source of foreign currency, a new billion-dollar mining project is emerging in Matabeleland North.
UK-listed Ariana Resources says ore reserves at its Dokwe Gold Project have surged 42% to 1.13 million ounces, transforming the asset into one of Zimbabwe’s most significant undeveloped gold deposits and placing it on course to rival some of the country’s largest gold mines.
The reserve upgrade pushes the project’s estimated pre-tax value above $1 billion and comes as Zimbabwe ramps up efforts to attract mining investment, expand exports and support economic stability through increased gold production.
The metal has become even more strategically important since authorities introduced the Zimbabwe Gold (ZiG) currency, which is backed by a combination of gold and foreign exchange reserves.
A mine with billion-dollar potential
