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.

Gold generated a record $4.61 billion for Zimbabwe in 2025, making it the country’s largest foreign currency earner and a key pillar of the economy. 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.

Located about 110 kilometres west-northwest of Bulawayo, Dokwe was first discovered in 2002 and comprises the Dokwe North and Dokwe Central deposits. Under Ariana’s revised pre-feasibility study, the project is expected to produce more than one million ounces of gold over a 20-year mine life.

The development plan envisages a 12-year open-pit mining operation followed by an eight-year processing phase using stockpiled ore. Annual production is projected at approximately 80,000 ounces, while peak output could reach 100,000 ounces.

That would place Dokwe in the same production bracket as Blanket Mine, currently Zimbabwe’s largest operating gold mine, which produces about 75,000 to 80,000 ounces annually. At projected peak production, Dokwe alone could contribute more than three tonnes of gold each year, equivalent to roughly 6% of Zimbabwe’s current national gold production target.

Ariana estimates the project could generate almost $2 billion in earnings before interest, tax, depreciation and amortisation over its lifetime. Using a gold price assumption of $4,250 per ounce, the company places the project’s pre-tax net present value at $1.06 billion and expects development costs of about $164 million.

The company also projects that the initial investment could be recovered roughly one year after production begins.

Dokwe is the latest sign that Zimbabwe’s gold industry is entering a new growth phase. The country produced a record 46.7 tonnes of gold in 2025, prompting authorities to raise the national target to 50 tonnes for 2026.

Several large-scale projects are advancing alongside Dokwe. Caledonia Mining is progressing the Bilboes Gold Project, which is expected to produce around 200,000 ounces annually when fully developed, potentially making it the country’s largest gold mine.

Meanwhile, Kavango Resources recently reported encouraging drilling results at its Hillside Gold Project in Matabeleland South.

Ariana says optimisation work completed with Whittle Consulting helped unlock the reserve increase and improve project economics. The work recommended raising processing capacity from 1.5 million tonnes annually to 2.5 million tonnes, significantly increasing the amount of economically recoverable gold.

The company has already begun engaging financiers and advisers regarding potential funding options, including project debt, equity financing and royalty-backed structures.

Ariana Managing Director Kerim Sener described the reserve upgrade as a major milestone as the company advances towards a definitive feasibility study expected in early 2027.

The company is also continuing drilling activities and believes further resource conversion at Dokwe North and Dokwe Central could increase reserves even more.

If the project proceeds into production as planned, Dokwe could become one of the most important new mining developments in Zimbabwe in recent years, delivering jobs, infrastructure investment and export earnings to Matabeleland North. More broadly, it highlights a growing reality for Zimbabwe’s economy: the country’s next generation of major gold mines is beginning to take shape.