Gold deliveries double as incentives clock a year

By Stanley James, Business Editor

Zimbabwe has experienced growth in gold deliveries which went up two fold between January and April this year, riding on massive government export incentives which have clocked a year.

Te development comes as Zimbabwe was facing challenges in stimulating gold deliveries to Fidelity Gold Refiners due to unprofitable payment systems.

However in May last year, authorities introduced packages such as increased export retention on incremental portion of the yellow metal, including spot payments.

Fidelity Gold Refineries has revealed that more than 10 metric tonnes were delivered in the first four months of the year, up from five metric tonnes during the same period last year.

The gold mining industry has underscored the need to take advantage of firming gold prices to ramp up production.

“Confidence is there, so it is just a matter of time the sector forges ahead with increased production,” Institute of Mining Research chair, Dr Lyman Mlambo said.

Mr Bheki Moyo, Carry Mine Complex CEO said, “The rise in gold deliveries is all to do with what is happening on the ground, that is the payments structures.”

“The structure of the mining systems should allow that platform to reignite confidence,” noted Mr Wellington Takavarasha, ZMF Chief Executive Officer.

Gold continues to dominate Zimbabwe’s overall export earnings annually.