Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE country’s gold deliveries in the first 11 months of the year have reached 31,6 tonnes against a projected target of 35 tonnes by the end of the year.
Latest figures from Fidelity Printers and Refiners, show that month-on-month gold output in November was 1,4 tonnes compared to two tonnes achieved in October.
Initially, the Government set an annual target of 30 tonnes which figure was revised to 35 tonnes as output rose to 30,3 tonnes in the period to October.
In the 11 months to November, Fidelity Printers revealed that small-scale miners were leading in terms of production delivering 21 tonnes of gold while large scale miners delivered 10,6 tonnes.
However, the gold delivery statistics show that small-scale miners despite having the largest share of output between January and November, the sector’s deliveries last month were 602kg.
Last year, Zimbabwe produced 24,8 tonnes of gold and the Reserve Bank of Zimbabwe has attributed the continued increase in output to incentives paid to miners.
The Central Bank last month increased large scale miners’ forex retention from mineral proceeds to 55 percent from 30 percent after miners in the sector through their representative body, Chamber of Mines, indicated that the retention thresholds were no longer sufficient to meet production costs.
The miners said suppliers of key inputs such as processing chemicals, spares and other equipment now demanded payment in foreign currency.
The Zimbabwe Miners’ Federation spokesperson, Mr Dosman Mangisi, whose organisation represents the interests of small-scale miners, has attributed the decline in gold deliveries by members to prevailing macro-economic challenges that include fuel shortages and astronomical prices of consumables.
In October, small-scale miners produced two tonnes of gold compared to 3,5 tonnes in September.
— @okazunga
derick.khumalo