Zimbabwe has licensed a second gold refinery as it moves to expand its processing capacity amid rising output of the precious metal and growing pressure on its existing infrastructure.
The new refinery, which will be located in Bulawayo, the country’s second-largest city, is expected to be commissioned next year, according to government officials who spoke to Bloomberg.
Currently, all gold produced in Zimbabwe is processed through the state-owned Fidelity Gold Refinery. However, officials say the facility may soon be unable to handle the country’s increasing production volumes, particularly as output is projected to reach 50 tonnes in 2026, up from a record 46.7 tonnes last year.
The expansion highlights Zimbabwe’s growing reliance on gold as a critical source of foreign currency. Officials noted that the new refinery is intended to ease pressure on the existing system and support the country’s long-term production ambitions.
The investors behind the Bulawayo refinery have not been disclosed. Authorities said their identities would only be made public once the facility is formally commissioned.
