Stanley James, Business Editor
Zimbabwe’s gold mining sector target of 40 tonnes by the end of the year is on track after deliveries to the sole buyer and exporter, Fidelity Gold Refinery (FGR) rose by over 30% in January.
The country’s gold mining industry has defied the effects of the rainfall season as data released by FGR reveals a surge in deliveries from over 1,8 tonnes in January 2024 to over three tonnes during the same month this year.
Artisanal and small scale miners contributed over 70% of the deliveries, with the large scale corporates accounting for 30%.
Mines and Mining Development Minister Honourable Winston Chitando says the gold mining sector has started the year on a good note.
“This is quite impressive considering the fact that during the rainy season, the sector always experience challenges in overall production volumes, but the current trend has raised hopes that the Gold mining sector is on course to achieve the intended goals, as the Government we remain committed to ensure that all the Miners operate under favourable environments for the benefit of the nation,” he said.
Small scale miners have revealed commitment towards increased production.
“This is the sector that is continuing to defy the production constraints by contributing more to overall mining sector growth, as the statistics show the dominance of the small scale mining sector, it is prudent to note that this is the sector that continues to invest more in terms of increasing returns to the overall growth characterised by the need to further scale up growth,” said Zimbabwe Miners Federation chief executive officer, Mr Wellington Takavarasha.
Despite production constraints, Zimbabwe’s gold mining sector is being described by market watchers as resilient after dominating foreign currency inflows.
