Story by Stanley James, Business Editor
ZIMBABWE’s gold output is expected to reach 40 tonnes this year, driven by new investments, favourable operating environment and increased capacity.
The latest data by the country’s sole buyer of the precious metal, Fidelity Gold Refinery, shows that the output of the yellow mineral was over 36 tonnes last year compared to 30 tonnes in 2023.
The statistics have further raised hopes of increased production riding on artisanal miners, including new projects by large-scale gold mining companies.
“The target is achievable, but, that depends on the long-term perspectives of the entire gold mining industry including the need for the government to provide support in the form of machinery including incentives to facilitate smooth payment modalities from Fidelity Gold Refiners .
“Going forward the sector will continue to focus on expansionary projects to add value and boost output.
“Optimism in the industry is high remember this is the sector where the small scale miners continue to play a pivotal role in deliveries so it is within that perspective where sustainable development hinges on continuous favourable policies that facilitate maximum production,” Zimbabwe Miners Federation chief executive officer, Mr Wellington Takavarasha said.
The government has also revealed its commitment to solving challenges facing the gold mining industry.
“The Government will continue to focus on what can be done to boost production therefore this will include introducing a cocktail of measures to enhance output riding on the current gains in fact it is all about mobilising resources to capacitate the small-scale miners while also creating a conducive climate to boost overall production for the large scale miners,” the Minister of Mines and Mining Development, Honourable Winston Chitando noted.
The positive gold output trajectory has also created optimism of increased foreign currency inflows with the yellow metal maintaining its dominance as Zimbabwe’s main foreign currency earner.
