Gold deliveries up 41%
RYAN CHIGOCHE
Gold deliveries to Fidelity Gold Refinery (FGR) soared 41% in the eight months to August to 22.290 tonnes from 15.800 tonnes reported in the prior comparative period driven by small scale miners.
Official data obtained from FGR shows that small miners contributed 14.7 tonnes or 66% in the reviewed period.
The primary producers contributed to the balance.
The government, which has set a target of between 36 tonnes and 40 tonnes, is expecting big mining houses to increase their gold deliveries in the fourth quarter of this year as a result of new technologies in the industry as well as continued growth push.
The Ministry of Mines and Mining Development has embarked on gold mobilisation in efforts to harness more gold deliveries to Fidelity. Although deliveries have improved throughout the year the Mines and Mining Development minister, Winston Chitando, expressed concern over side marketing.
“The country is rich in gold deposits and we strongly believe our production can reach 60 tonnes by 2023. However, key to realising this target is for us to deal with side markets which are a pariah to our efforts in the mining sector and to the development that we hope to see achieved,” Chitando said.
In his mid-term budget review statement, finance minister, Mthuli Ncube, said the government has set aside US$10m for the establishment of 10 gold centres, one for each province and to help the sector to meet the FGR target.
Gold has surpassed platinum as Zimbabwe’s largest foreign currency earner. It has raked more than US$1bn in seven months and is projected to double that by year end.
