MINING REFINING

Zimbabwe to increase gold production following adoption of gold-backed currency

Tue May 21 2024

Zimbabwe is targeting to increase its gold production following the adoption of the gold-backed currency Zimbabwe Gold (ZiG), a senior government official said on Monday. "The ZiG currency is anchored to gold reserves. It then becomes very critical to ensure that we unlock the full potential of our gold resources, and of our gold sector," Mines and Mining Development Minister Winston Chitando said while addressing the media during a gold mobilization workshop send-off program held in Harare, the capital of Zimbabwe.

According to him, Zimbabwe's gold mining sector is targeting to raise production to 40 metric tons this year from 30.1 metric tons delivered last year.

Chitando said the increase in gold production will be achieved in several ways, including by capacitating artisanal and small-scale miners to produce more gold. He said the government will also capacitate medium- to large-scale miners to continue to invest and increase production.

In addition, the minister said there is a need to ensure that gold is delivered through the proper channels and that all mining is conducted responsibly and sustainably in compliance with the country's laws.

The ZiG started trading on April 8, replacing the inflation-ravaged old Zimbabwean dollar.

Source: https://english.news.cn/