Zimbabwe’s ambitions to become one of Africa’s leading gold producers have received a major boost after a significant reserve upgrade at one of the country’s largest undeveloped gold projects added more than $1 billion in estimated value.

The Dokwe Gold Project, located in the southwestern district of Tsholotsho, recorded a 42% increase in proven and probable gold reserves, raising total reserves to 1.13 million ounces.

The upgrade has transformed the economics of the project, with its estimated pre-tax net present value climbing to approximately $1.06 billion.

The development comes as Zimbabwe seeks to capitalize on strong global gold prices and expand its role in the international bullion market. Gold remains the country’s largest source of export earnings, making large-scale mining investments increasingly important to economic growth and foreign currency generation.

According to an updated pre-feasibility study, the project is expected to produce up to 100,000 ounces of gold annually at peak capacity and deliver more than 1 million ounces over its projected mine life.

The operation is expected to run for roughly two decades, creating long-term economic opportunities in Matabeleland North Province.

The reserve expansion also strengthens Zimbabwe’s efforts to achieve record national gold production. The country produced a record 46.7 tonnes of gold in 2025 and is targeting 50 tonnes in 2026 as authorities push to increase foreign exchange earnings and attract mining investment.

With gold prices hovering near historic highs, previously underdeveloped deposits are becoming increasingly attractive to investors. For Zimbabwe, the upgraded Dokwe project represents more than a mining success story; it is a signal of the country’s growing ability to unlock value from its vast mineral resources.

As competition for critical minerals and precious metals intensifies globally, projects like Dokwe could play a central role in positioning Zimbabwe as one of Africa’s most important mining destinations while helping drive the next phase of growth in its gold sector.