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Latest figures from the Chamber of Mines show that Zimbabwe’s gold output for the nine months to September rose to 11 140kg as the country remains on course to meet an annualised target of 15 tonnes spurred by firming prices of the yellow metal on the international market.
The ZMF, which represents small scale miners who contribute a third of the total national gold output, still believes the annualised target is achievable as miners in the sector are encouraged by the festive season to work harder.
“Though we have some challenges in terms of new mining levies, as small-scale miners we still remain optimistic that the annualised gold production for this year is achievable. In the first quarter, the country produced three tonnes and because small-scale miners are motivated to work by the festive season, we foresee the country being able to produce four tonnes during this last quarter,” said the ZMF chief executive officer, Mr Wellington Takavarasha, in a telephone interview yesterday.
He said it was also important to note that the mining industry during the festive season did not go for annual shutdown as was the case in other sectors.
“We also hope that in the coming year Government will regularise small-scale mining activities to ensure continued increase in production by the miners,” he said.
Data from the Chamber of Mines of Zimbabwe revealed that production of the precious metals continued to rise driven by increased output by major mining firms and small-scale miners.
The entire mining sector grossed $1,36 billion with gold contributing $585 million. Platinum, another major foreign currency earner, contributed $36,4 million.
In 2011, Zimbabwe produced 12 993kg of gold, a development that allows the country to be re-admitted on the London Bullion Market from which it was suspended a few years ago when the mineral’s production plummeted to unprecedented levels.
The London Bullion Market requires gold producers to reach an annual output of 10 tonnes to gain membership.
Online Reporter