Small-scale miners accounts for 60% of gold revenue

Small scale miners have dominated the country’s gold output third quarter figures have revealed.

Gold popularly known as the yellow metal is one of Zimbabwe’s main foreign currency earners.

In 2022, Zimbabwe exported $4.48B in Gold.

The main destinations of Zimbabwe exports on Gold were United Arab Emirates ($4.46B), Mozambique ($10.2M), Switzerland ($8.24M), and Hong Kong ($297k).

The country’s 2024 gold output is projected to reach 39 tons, an increase from the 33 tons estimated for 2023, driven by ongoing expansion projects and favorable global gold prices.

Highlights – Zimbabwe Q3 2024 in numbers.

Q3 Gold Production: Increased by 33% to 10.3 tonnes (Q2: 7.7 tonnes)

First Nine Months Output: Rose 7.2% to 24.1 tonnes (2023: 22.4 tonnes)

Tax Reversal Impact:
-15% VAT on gold deliveries removed (SI 105 of 2024)
-Enhanced output through incentivized production

Small-scale Mining Contribution: 14.5 tonnes (60% of total output)

Primary Producers Contribution: 9.6 tonnes
Government Target:
-2024: 35 tonnes (2023: 30.1 tonnes)

Mining Sector Economic Impact:
-70% of Foreign Direct Investment
-80% of Export Earnings
-19% of Government Revenue.