Title: Bridging the gap between artisanal and small-scale gold mining and formal finance in Zimbabwe: a literature review

Authors: Tinotenda Lionel Tingini; Olushola Daniel Eniowo

Addresses: Department of Mining Engineering, University of Pretoria, Mineral Sciences Building, Room 5-50, Main Campus Hatfield, Pretoria, South Africa ' Department of Mining Engineering, University of Pretoria, Mineral Sciences Building, Room 5-50, Main Campus Hatfield, Pretoria, South Africa

Abstract: Artisanal and small-scale gold mining (ASGM) in Zimbabwe accounts for approximately 65% of national gold output and sustains over one million livelihoods. Despite its economic significance, the sector faces severe constraints in accessing formal finance, primarily due to collateral requirements, inadequate technical documentation, and perceived high risk. This study examines both the demand and supply sides of ASGM finance, highlighting the diversity of investors; from traditional banks and private equity to impact-focused financiers; and the mechanisms they use to assess risk, return, and impact. Key barriers to investment in the sector are analysed alongside practical solutions, such as standardised geological reporting, operational templates, ESG compliance frameworks, and cooperative-based financing. The study further explores alternative financial instruments, including off-take and streaming agreements, blended finance, and movable asset collateral, that can bridge the financing gap while de-risking investments. By integrating investment-readiness criteria, scalability and replicability metrics, and operationalised ESG measures, this paper proposes a structured framework that enhances ASGM bankability, aligns miner capacities with investor expectations, and supports sustainable, responsible sector growth in Zimbabwe and comparable contexts.

Keywords: ASGM; Zimbabwe; formalisation; bankability; ESG compliance; access to finance.

DOI: 10.1504/IJMME.2026.154334

International Journal of Mining and Mineral Engineering, 2026 Vol.17 No.2, pp.160 - 196

Received: 05 Mar 2025
Accepted: 01 Jan 2026
Published online: 23 Jun 2026 *

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