Gold to hit record highs of 30 tonnes

HARARE - Zimbabwe’s gold production is projected to rise to a record 30 tonnes year as producers’ ramp up output, Finance and Economic Planning minister Patrick Chinamasa has told Parliament.

Chinamasa said gold production has been rising steadily, buoyed by higher output from small and informal producers.

“As the august House will be aware, we have been growing production of our gold from 12 metric tonnes in 2013 to 24,5 metric tonnes last year. This year, we are anticipating or projecting to reach 30 metric tonnes.  Now, the question is — where is that money?” Chinamasa said.

Responding to a question from Zvishavane-Runde MP John Holder where money earned from gold exports is going, Chinamasa said: “I can answer it in two ways.  First, he acknowledges and admits that the artisanal miners, not the primary producers; the artisanal miners are being paid for the gold that they deliver — 70 percent in US dollars. 

In other words, 70 percent of the gold that we have exported and paid for in US dollars — we are paying the artisanal miners.”

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