Gold production over 25.3% up, small scale producers major contributors

Gold deliveries to Fidelity Gold Refinery (FGR), increased by approximately 25.3 percent, reports the Zimbabwe Economic Review.

About 2,375.33 kilogrammes of gold were produced in January 2024 as compared to 1,895.92 produced last year.

Apparently, deliveries by large-scale miners increased by 18.6 percent for the period under review.

This accounted for 1,108.82 kgs in Jan 2024 and 934.85 kgs in Jan 2023.

Deliveries by small-scale miners in Jan 2024 increased by 31.8 percent (1,266.51kgs in Jan 2024 and 961.07 kgs in Jan 2023.)

Deliveries decreased by 3.1% compared to the previous month of December 2023, where 2,450.6266 kgs were delivered.

Zimbabwe produced 30 metric tons of gold in 2023, 15% less than the previous year, official data shows, as electricity cuts and currency volatility impacted output.

Gold is one of the country’s key foreign currency earners, however smuggling has been a major drawback prejudicing the country’s earnings.

According to the Zimbabwe National Statistics Agency figures the country’s recent jump in foreign receipts was largely attributed to gold which continued to dominate as Zimbabwe’s single biggest export accounting for 24 percent of the total value of goods exported by May 2023.

Zwnews