Story by Stanley James, Business Editor

The gold mining sector is confident of contributing significantly to the achievement of a US$12 billion mining industry this year, buoyed by a rise in new projects.

Zimbabwe Miners Federation chief executive officer, Mr Wellington Takavarasha said, “It is all about the attractive prices that have positioned the industry in its growth path with the artisanal miners being impressed by the attractive prices.”

The country’s sole buyer, refiner and exporter of the precious metal, Fidelity Gold Refiners, believes incentives in the gold sector are paying off.

“The incentives are really paying off to such an extent that the viability of the sector hinges on sustaining the incentives to unlock more value,” Fidelity Gold Refiners chief executive officer Mr Peter Magaramombe said.

The government and the central bank are being implored to continue facilitating a viable climate for gold miners.

Mines and Energy Parliamentary Portfolio Committee chairman, Honourable Edmond Mkaratigwa noted, “The gold buying centres need to be sustained while the focus should also be on the need to boost operational systems and accountability.” 

Zimbabwe’s gold mining industry is ranked number one by the central bank in generating foreign currency.