Chinese gold syndicate drains over US$10 million from Zimbabwe in two years
KWEKWE – A sophisticated gold smuggling syndicate operating under the guise of a legitimate mining venture in Silobela, Kwekwe District, is believed to have siphoned more than 120 kilograms of gold, valued at over US$10 million, from Zimbabwe’s formal market within two years.
According to production data obtained by the Herald newspaper’s Check Point, Podhill (Pvt) Ltd, co-owned by Chinese national Zuo Wenzhong and Australian businessman Moham Karim, grossly underreported its gold output while conducting large-scale, unrecorded smelting operations.
It has been noted that official declarations by the company submitted less than 4kg of gold to the authorities in 2024, despite internal records revealing that over 3 000kg of ore was processed monthly, with several batches of gold produced off the books.
In December 2024 alone, Podhill’s CIP carbon processing line reportedly produced nearly 1.5kg of gold per smelt, with payment notes showing transactions exceeding US$16 000, mostly handled by an associate identified as Talib.
However, only 300 grammes of gold were officially delivered to Fidelity Printers and Refiners and the CID Minerals Unit.
Between May and June 2024, the company’s Heap Leaching operations processed more than 3 000kg of material, generating at least US$117 000 per smelt, funds investigators allege were never reported to the Reserve Bank of Zimbabwe (RBZ) or the Zimbabwe Revenue Authority (ZIMRA).
Financial records further indicated that highly refined gold was sold privately for US$70 per gramme, well above the official rate, to undisclosed international buyers.
At the centre of the syndicate is Zuo Wenzhong, who also owns Generous Resources (Pvt) Ltd, the majority shareholder in Podhill with a 95% stake.
Working alongside associates Mohamad Taleb, Mr. He Huayang, and Mr. Duan Yuanbin, Zuo allegedly coordinated a transnational smuggling network that funnelled smelted gold from Kwekwe to unregistered refiners and foreign buyers in Dubai and China.
An internal report has revealed that Zuo instructed staff to “smelt quietly” and dispatch shipments “without record.”
Supporting documents show private sales totalling 16 854 grammes between December 2023 and May 2024, followed by another 34kg by the end of the year—all outside the official trading system.
By early 2025, Podhill’s undeclared gold dealings had eclipsed its formal production, with off-the-books transactions estimated at more than 120kg of gold, conservatively valued at US$10 million.
The syndicate’s operations were reportedly anchored at Ourstrike Mine, where elution and smelting facilities were used to sustain the illicit trade.
Insiders say the network exploited weak regulatory oversight, allowing the seamless movement of gold across borders through cash payments, private air cargo, and trusted couriers.
Investigators have since connected the smuggling network to Generous Resources, Podhill, and Milhub, all under Zuo’s control.
Key individuals implicated in the ongoing investigation include He Huayang (Podhill General Manager) and Duan Yuanbin (Director), both Chinese nationals, along with Taleb and Karim. Together, they are accused of running an elaborate operation that disguised illegal exports as legitimate mining activity.
Evidence gathered so far, including ledgers, payment records, and photographic material, now forms part of a major probe being conducted by the Zimbabwe Republic Police (ZRP) Minerals and Border Control Unit, which is tracking the proceeds through a web of interlinked companies.
