Zimbabwe’s gold production in January fell by 34% to 1895.9kg from 2867.9kg in January 2022, according to latest data from gold buyer Fidelity Printers and Refiners.
Meanwhile, January traditionally sees low good output due to wet weather, but this was worsened by power cuts this year.
Apparently, the government recently announced a US$10 million fund for small scale gold miners.
Using Zimbabwe’s International Monetary Fund allocations, the government plans to set up 6 gold buying and milling centres and provide loans in partnership with BancABC.
Small scale miners account for the bulk of Zimbabwe’s gold output.
Gold is one of the country’s biggest foreign currency earners. However over the years Zimbabwe has been losing a lot of revenue due to gold smuggling.