Gold production up 20pc

HARARE - Zimbabwe’s gold production went up by nearly 20 percent from 926,79 kg in January 2014 to 1 111,62 kg in January this year, statistics from the Africa Development Bank (AfDB) shows.

In its monthly economic review for Zimbabwe, the AfDB said deliveries by primary producers increased by 3,09 percent from 784,28 kg in January 2014 to 808,58 kg in January 2015, while deliveries by small-scale producers increased by 112,64 percent from 142,51 kg in January 2014 to 303,04 kg in January 2015.

“On a month-on-month basis, total gold deliveries decreased by 24,66 percent from 1 475,49 kg in December 2014 to 1 111,62 kg in January 2015,” said the regional development bank.

“Deliveries by primary producers decreased by 10,71 percent from 905,51 kg in December 2014 to 808,58 kg in January 2015, while deliveries by small-scale producers

decreased by 46,83 percent from 569,97 kg in December 2014 to 303,04 kg in January 2015,” added AfDB.

Although Zimbabwe refined enough to be re-accredited into the London Bullion Market Association (LBMA) in 2014 — minimum of 10 tonnes per year — deliveries are still lagging behind its peak of 27 tonnes recorded in the late 1990s, which is almost twice the current production.

Zimbabwe was disqualified from LBMA in 2008 due to successive declines in gold production triggered by economic challenges and poor economic policies which resulted in many gold mining companies closing down.

AfDB noted that the move by the government to formalise activities of artisanal and small scale miners is a welcome idea as it curb leakages into the formal system.

 

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