eBusiness Weekly
Business Writer
ZIMBABWE’S gold deliveries in the first six months of the year dipped by 11,2 percent to 14,181 tonnes weighed down largely by the incessant rains the country received early this year.
In the corresponding period last year, a total of 15,972 tonnes were delivered to the country’s exclusive buyer of the yellow metal, Fidelity Gold Refinery (FGR).
In the 2022/2023 rainy season, the country recorded incessant rains in the first quarter of the year after the Meteorological Services Department had predicted normal to above normal rains during the season.
Despite small-scale miners contributing the bulk of the gold to FGR, the miners’ operations were negatively impacted by lack of sophisticated equipment to de-water flooded pits in the rainy season.
According to latest figures from the gold buyer, month-on-month deliveries that had climaxed to 2,875 tonnes in May declined in June to 2,734 tonnes.
In May, the country registered highest deliveries for the period under review with stakeholders attributing this to improved accessibility and working on the mines as small-scale miners, who predominantly produce the bulk of the gold had de-watered their shafts that become clogged during the rainy season.
In the first half of the year, deliveries by small-scale miners nosedived to 8 661 tonnes compared to 10 474 tonnes in the same period last year. Deliveries by large scale producers increased marginally to 5 519 tonnes compared to 5 498 tonnes in the first half of 2022.
The yellow metal is the country’s major foreign currency earner and under the US$12 billion mining target by the end of this year, gold is projected to contribute US$4 billion.
Platinum is expected to contribute US$3 billion, diamond US$1 billion while chrome, ferro-chrome and carbon steel will generate US$1 billion, lithium US$500 million, and coal US$1 billion.
Other minerals are expected to generate US$1,5 billion. In 2022, a total of 35,3 tonnes were delivered to FGR an increase from 29,629 tonnes produced the previous year.
Stakeholders in the mining industry are targeting 40 tonnes of gold this year.
Zimbabwe’s gold production has been incremental over the years due to the Government’s improved support to the mining industry.
In the 2023 National Budget, the Government has prioritised the formalisation of artisanal and small-scale mining industry’s operations by funding the opening of gold service centres across the country.
The service centres will be situated in regions with large concentration of small-scale mining activities, making the processing and sale of the yellow metal more accessible.
