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Wednesday, May 29, 2024

Gold output surges

Story by Owen Mandovha
GOLD deliveries to Fidelity Printers and Refiners are steadily rising, with the enterprise recording 21 percent rise to 2,9 tonnes in May this year.

The recent rise in gold output has been attributed to improved conditions in mines after the rainy season.
“Deliveries rose 21 percent to 2,9 tonnes compared to April and we expect this trend to continue. As you may recall that the small scale miners are the largest providers of gold as shown by previous statistics, their operations are mainly affected by the rains. It is a boom for them when the rains subside as they recover that is why you see the recovery,” said Fidelity Printers and Refiners General Manager, Mr Peter Magaramombe.

Government has kept its promise of making prompt payments for deliveries, a factor that has also contributed to the recovery of output.

Zimbabwe Miners Federation President, Ms. Henrietta Rushwaya is upbeat of increased output and of the yellow metal.

“Small scale miners are happy with the manner in which FPR is paying them which has made them deliver the yellow metal to the Fidelity Gold Refinery. The rains are over and we expect more output from my constituency as the year progresses,” she said.

Hundreds of thousands of small scale miners are now the biggest contributors to national gold output, with their involvement in mining coming as a key driver of rural industrialisation where many of these operations are based.

Elsewhere, large corporates have also helped in generating the much needed foreign currency and creating tens of thousands of jobs.

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