Gold deliveries in massive surge

Gold deliveries in massive surge
Published: 18 October 2017
Gold deliveries to Fidelity Printers have hit 12,09 tonnes mark in the first seven months of the year, with deliveries by small-scale miners increasing 7,8 percent to 1 127,5 kg in July from 1 045,9kg recorded in June, Parliament Budget Office figures show.

Gold production target for 2017 is 25 tonnes and will largely benefit from price recovery resulting in improved viability and expected increase in output by gold producers, emanating from expansion projects as well as gold mobilisation initiatives by government.

The small-scale mining sector surpassed monthly output by primary producers for the first time in six months in June this year. Big mining houses deliveries increased by 6,1 percent to 963,6kg from 908,1kg in June. Both small-scale and large miners in July produced 2 091,1kg up from 1 954kg.

Gold production, which accounts for more than half of the mining sector's foreign-exchange earnings, is expected to increase by 10 percent while global gold prices are projected to remain broadly stable.

Small-scale gold miners this year target to produce 12 tonnes of the yellow metal up from 9,8 tonnes last year.

- dailynews
Tags: Gold,


Latest News

Latest Published Reports

Latest jobs