Categories: Stories

Zimbabwe gold output up

Zimbabwe’s gold output is up 16 percent to 15.3 tonnes in the nine months to September compared to 13.1 tonnes last year, the central bank has said.

Gold production in the southern African nation has been on an upward trajectory since government decriminalized artisanal mining and embarked on an aggressive collection strategy, which saw the country’s sole buyer of gold Fidelity Printers set up buying depots across the country.

Speaking at the launch of the national economic competitiveness report, Reserve Bank of Zimbabwe deputy director of Economic Research, Nebson Mpanga today said gold production is expected to increase even further following the introduction of a 5 percent incentive scheme to miners.

Reserve bank governor John Mangudya in May announced that miners would receive a 5 percent incentive on export receipts to spur exports.

“Gold deliveries to Fidelity compared to last year where we had 13.1 tonnes, have increased to 15.3 tonnes from the central bank we are confident that this export incentive is bearing some fruit although we are yet to see the impact in the manufacturing sector,” he said.

The country is targeting output of 24 tonnes this year after achieving 21 tonnes in 2015.

Speaking at the same event, Mines Minister Walter Chidhakwa said production in the diamond sector remained depressed.

“Diamonds are doing just about 95 000 to 100 000 carats per month which is bad we should be doing about 300 000 to 350 000 carats per month,” he said.

“Mining sector is giving us as of last week $45 million a week but if it was really performing it would give us between $60 and $70 million a week.”- The Source

(34 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024