Gold mining sector targets 50-tonnes by year-end

By Stanley James

Business Editor

GOLD producers have endorsed the 50-tonne yearly production target, as the sub-sector seeks to contribute significantly towards the attainment of a US$12 billion mining industry by next year.

Gold deliveries reached 29,4 tonnes last year and the sector expects to double that figure this year.

According to the Chamber of Mines, the new production target will propel the country towards having a US$12 billion mining industry by 2023 and boost the country’s foreign currency receipts.

“As authorities have set a 50-tonne mark target for this year we have to look that into the aspects of the 2023 target as well as analyzing its impact on growth into the short and long term bearing in mind the current gains,” said Collin Chibafa Chamber of Mines president.

Institute of Mining Research Chairman, Dr Lyman Mlambo outlines the effects of the anticipated growth in gold production.

“The country is rich in gold but that is all about what can be done to enhance transparency in dealings while focusing on increased performance, the fact that there are many projects is a clear testimony of how the sector can positively affect economic growth.”

Gold Miners Association president, Irvine Chinyenze says while the target is achievable, there is a need to address some constraints affecting the industry.

“There is the need to address the power supply constraints as well as challenges in the form of high costs to sustain the current gains and ensure that the current trend of increased deliveries can continue for the benefit of the industry.”

Gold deliveries to Fidelity Printers and Refiners have improved since mid last year after the government introduced incentives to the artisanal and large scale miners.