Zimbabwe’s gold output soars by 7% in nine months
Sat Oct 12 2024
ZIMBABWE’s gold output has surged in the last nine months of the year, reaching a total of 24 tonnes, a 7 percent increase compared to the same period last year. The surge is attributed to increased production from both large-scale and small-scale miners,
According to Fidelity Printers and Refiners, the gold sector has delivered 24,089 tonnes in the first nine months, a figure that represents 7 percent increase in gold deliveries compared to the same period last year.
Fidelity Printers and Refiners General Manager, Mr Peter Magaramombe, highlighted the positive trend describing it as a testament of the ongoing efforts by the government and the mining sector to upscale gold mining in the country.
“As of 30 September 2024, we received a total of 24 tonnes of gold, compared with the same period in 2023, we received 22 tonnes representing a 7,2 percent increase.
“For the third quarter of 2024, gold deliveries rose significantly to 10,309 kilograms, representing a 33% increase from the 7,739 kilograms delivered in the second quarter.”
The countrys gold national buyer announced plans to launch three new gold buying centres by the end of the year.
“We are committed to providing accessible and convenient gold buying services to miners across the country. By the end of the year, we are looking at a total of 20 gold centers. We are opening new centres in Mberengwa, Mount Darwin, and Ngundu.
“By expanding our network, we aim to encourage more miners to participate in the formal gold market and contribute to the country’s economic development.
“Currently, in areas where we do not have a good buying center we have designated agents, and in some cases, we have a mobile buying unit. We aim to buy all the gold and leave no place behind,” said Mr Magaramombe.
The Zimbabwe Miners Federation (ZMF) has also lauded the government’s efforts in creating a conducive environment for small-scale miners.
“The streamlined processes and reduced bureaucracy have created a more conducive environment for our members to operate. This has resulted in increased productivity and a greater sense of confidence among small-scale miners.
“The governments commitment to creating a conducive business environment for small-scale miners has been instrumental in driving growth and investment in the sector.
“We are optimistic about the future of Zimbabwes gold industry and its potential to contribute significantly to the countrys economic development,” the president of Zimbabwe Miners Federation, Ms Henrietta Rushwaya said.
Small-scale miners account for over 60% of the total gold deliveries, while large-scale miners contribute the balance.
The government set up a target of 35 tonnes of gold deliveries by the end of the year.
Source: https://www.zbcnews.co.zw/