GOLD NEWS

Zimbabwe’s gold deliveries hit 32 tonnes

Thu Dec 05 2024

THE Zimbabwe gold reserves rebuilding agenda is gaining traction amid revelations that deliveries of the yellow metal to Fidelity Gold Refiners are inching closer to the target of 35 tonnes. The country’s gold deliveries have reached 32 tonnes in the first 11 months of the year against an overall target of 35 tonnes.

Government earlier this year announced a 35-tonne gold production target aided by measures to cushion producers against viability constraints. The move was taken into consideration by the government in light of the need to rebuild foreign currency reserves and bolster the domestic structured currency.

Eleven months on, data from the country’s sole gold buying agency Fidelity Gold Refiners is showing over 32 tonnes of the yellow metal have been delivered. The agency is also attributing the trend to firming global prices of the yellow metal and the removal of a 15 percent Value Added Tax on sales.

The data reflects that small scale gold miners are dominating the overall deliveries of the commodity. Under the gold rebuilding agenda, government is expecting to anchor the structured currency with precious minerals such as gold, among others.

Treasury has also revealed that gold export earnings will contribute over 40 percent of overall foreign currency inflows into the economy.

Source: https://www.zbcnews.co.zw/