Gold output increases

Gold output increases
Published: 19 September 2017
ZIMBABWE'S gold production has risen by about 10 percent in the first eight months of the year to 14.6 tonnes from 13.4 tonnes in the comparable period in 2016, official figures show.

The country's export sector is driven by the mining industry, which contributes about 60 percent of total exports anchored by gold, platinum and diamond.

Gold production figures from Fidelity Printers and Refiners show that both primary producers and small-scale miners, as of August 2017, had delivered 7.4 tonnes and 7.2 tonnes respectively.

The statistics also show that gold miners had a combined output of 2.6 tonnes in August, the highest so far since the beginning of the year.

At 2.6 tonnes, it implies that the yellow metal's production shot by 30 percent from two tonnes produced in July.

Last year, Zimbabwe gold output closed at 24 tonnes and this year the Government has projected about 28 tonnes of the yellow metal by December.

Zimbabwe Miners' Federation spokesperson, Mr Dosman Mangisi, said the target cannot be achieved without effort.

"The projected target cannot just come without effort. Considering that last month gold production increased by 30 percent from the previous month's figures, we believe we are still in the game. If we miss the projected output, it would be by about two tonnes," he said.

"There is still need to increase onsite milling and reduce downtime and this can be achieved by addressing the challenges facing the mining industry as well as capacitating the miners. This can be done, for example, by supporting the small-scale miners with the outstanding $10 million of the $40 million Gold Development Initiative from the Reserve Bank of Zimbabwe (RBZ)."

In March last year, RBZ introduced the performance-related export bonus scheme of up to five percent to enhance productivity and promote exports with the overall aim of lubricating the economy.

The small-scale mining sector continues to grow in its contribution to gold production accounting for more than half of the total deliveries so far. To buttress, the significance of the small-scale mining industry in the country's gold output, since June the sub-sector has surpassed the primary producers producing a tonne, 1.1 tonnes in July while in August output rose to 1.5 tonnes.

Comparatively, large-scale miners produced 908 kilogrammes in June, 963.6 kg in July and 1.1 tonnes in August.
- zimpapers
Tags: Gold,


Latest News

Latest Published Reports

Latest jobs