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Zimbabwe’s gold deliveries increased 47% in the first seven months of this year to 18.940 tonnes from 12.852 tonnes achieved during the same period last year. Local gold producers are averaging 2.7 tonnes per month. At this rate, Zimbabwe may produce 32 tonnes of the yellow metal this year
Zimbabwe’s gold deliveries increased 47% in the first seven months of this year to 18.940 tonnes from 12.852 tonnes achieved during the same period last year. Local gold producers are averaging 2.7 tonnes per month. At this rate, Zimbabwe may produce 32 tonnes of yellow metal this year.
Gold production in the country is expected to peak in September to surpass 35 tonnes by the year-end. At the end of July 2022, more than 18 tonnes of gold were produced against 13 tonnes in the same period last year. The increase in production was due to incentives put in place by the central bank which encouraged miners to produce more at attractive prices.
Of the total production, the small-scale miners delivered 11.4 tonnes, while big mining houses accounted for 7.49 tonnes during the period under review. Industry sources say that the good prices compensate for the low production, which was below expectations. Official sources say that gold is now the second largest foreign currency earner after diaspora remittances. Industry members say that there was a need for ramping up production. There is a need to introduce new policies to ramp up production and capitalise on strong commodity prices, which are above US$61 000 since the start of the Russia-Ukraine war.
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The output is fairly good. Yes, there is still a long way to go to achieve an average of 8.3 tonnes per month to reach 100 tonnes a year. Recently, international gold prices stood at US$57 612 per kilogram.
