Prisca Muchokore, manager of DT Mining Syndicates, places small balls of mined gold onto a scale to weigh and calculate payment for the artisanal miners at a small-scale gold mine in Umguza, Zimbabwe, on Saturday, Nov. 10, 2018. On January 1, the London Bullion Market Association will introduce a new version of guidelines for the Responsible Gold Guidance program that embrace whats called environmental, social and governance standards. Photographer: Cynthia R Matonhodze/Bloomberg via Getty Images
Gold deliveries to Fidelity Refiners rose to 10,309kg in the third quarter, 33 percent up from 7,739kg in second quarter, and 20% more than in the third quarter of last year.
In September 2024, large scale miners delivered 1,009kg vs 1,027kg in August and 961kg in Sept 2023.
Small scale miners sold 2,405kg in September, from 2,373 in August and 2,170kg in Sept last year.
Small scale miners account for 70% of the gold deliveries.
Zimbabwe produced 30 metric tons of gold in 2023, 15% less than the previous year, as electricity cuts and currency volatility impacted output.
The southern African country was once among the top gold producers on the continent but has fallen far behind regional peers Ghana, Mali, Burkina Faso, Guinea and Tanzania as an extended economic crisis kept investors away.
Zimbabwe remains largely under-explored and its operating mines struggle to raise capital due to concerns over government policy and property rights, especially after the seizure of white-owned farms at the turn of the century.
Zwnews
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