Gold deliveries down 11%
LIVINGSTONE MARUFU
Gold deliveries to Fidelity Gold Refinery (FGR) fell 11% to 16.86 tonnes in the first seven months of this year from 18.940 tonnes delivered in the prior comparative period.
The fall was largely attributed to heavy rains which affected the mining sector in the period under review. The other challenge was the diversion of the yellow metal to alternative markets.
The slump was confirmed by FGR general manager Peter Magaramombe.
“Gold deliveries to FGR stand at 16.855 tonnes during the seven months of 2023 from 18.94 tonnes delivered during the same period last year. We were dealt a heavy blow in January and February due to the high water table which affected small-scale mining.
“Given the general improvement in electricity supply in the country and the increase of gold centres, we expect to recover significantly,” Magaramombe said.
Of the total gold production, 10.28 tonnes were delivered by small-scale miners who accounted for 61% of total deliveries.
Large scale miners accounted for 6.567 tonnes during the last seven months.
As a result, government has since released funds for operationalisation of gold centres across the country.
“Government has released funds for the operationalisation of three gold centres at Makaha in Mashonaland East Province, Mukaradzi in Mashonaland Central Province and Penhalonga in Manicaland Province. This will go a long way in ensuring that gold produced by artisanal miners is efficiently mobilised thus increasing revenues accruing to the government as part of the process towards the attainment of a US$12bn mining industry by 2023,” Information Minister, Monica Mutsvangwa said at last week’s Post Cabinet briefing.
Government will also release US$5m to support artisanal gold miners. The facility will be accessed through the Mining Loan Fund, which is administered by the Ministry of Mines and Mining Development.
