Zimbabwe to Raise Gold Royalties in 2026 as Bullion Prices Stay Elevated
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Zimbabwe will impose 10% royalties on gold producers when prices exceed $2,501 per ounce starting 2026, replacing the flat 5% rate, Finance Minister Mthuli Ncube announced in the national budget. Gold hit $4,381.21 per ounce on October 20 before a 5% retreat, trading above $4,000 most of the past month. The tiered structure aligns with Mali and Burkina Faso adjustments amid elevated prices.
Key producers Kuvimba Mining House, Padenga Holdings, Caledonia Mining Corporation, and RioZim face 2-5% effective cost increases at current levels, potentially trimming margins by $20-50 per ounce on 1.2 million ounce annual output. Gold and tobacco remain top foreign exchange earners.
