Story by Stanley James
ZIMBABWE is on course to achieve its projected 50-tonne gold production target for 2026 after deliveries to Fidelity Gold Refinery (FGR) reached 17 tonnes during the first five months of the year.
Statistics obtained by ZBC News from the Ministry of Mines and Mining Development show that Fidelity Gold Refinery, the country’s sole authorised buyer of gold, recorded increased deliveries between January and May, signalling continued growth in the sector.
Industry stakeholders say the latest figures point to sustained momentum, with small-scale miners continuing to play a pivotal role in national gold output.
Zimbabwe Miners Federation Chief Executive Officer, Mr Wellington Takavarasha said current production trends indicate that the country remains firmly on track to meet its annual target.
“From an analysis of the report, one can deduce that the country is on course to achieve the 50-tonne target. What is needed is for the current incentives to be maintained while also focusing on the long-term benefits of generating more foreign currency and creating employment opportunities across the country,” he said.
The strong performance is also expected to strengthen Zimbabwe’s foreign currency position, with analysts highlighting gold’s growing contribution to the economy.
Economic analyst Mr Jonathan Dube said sustained growth in gold deliveries would have far-reaching economic benefits.
“We are seeing a situation where the current trajectory, if sustained, will cement the ever-rising foreign currency earnings for the nation. This is indeed vital as it will also unlock opportunities for growth, considering the importance of tobacco in boosting foreign currency receipts, leading to overall macro-economic stability,” he said.
Government regards the gold sector as a strategic pillar of the economy, with the industry accounting for more than 60 percent of Zimbabwe’s annual foreign currency earnings.
The latest delivery figures strengthen optimism that the mining sector will continue to underpin economic growth while contributing significantly to employment creation and foreign currency generation.
