malvernmugadzikwa
Business Writer
Zimbabwe’s gold output rose 59 percent in the first half of the year, latest data from Fidelity Printers and Refiners show.
Mines produced 15,976kg over the period, beating the 10,028kg from the first half of 2021.
During the month of June 2022, gold output rose to 10,478kg compared to 4,874kg produced prior year comparative.
Blanket Mine, owned by Caledonia Mining Corporation is one of the local mines ramping up production.
The miner saw gold production rise 40 percent to 18 515 ounces for the quarter ended March 31, 2022, from 13 197 ounces in the prior period last year.
CEO Mark Learmonth: “Gold production so far this year has been strong, and we are on track to hit the top end of our guidance range of 73,000 to 80,000 ounces.”
Zim projects 40 tonnes of gold this year, which would be better than 2021’s 29.6 tonnes.
In a related issue, Zimbabwe plans to introduce gold coins as another investable option that investors can use to hedge their investments.
The gold coins will be traded in both Zimbabwe dollars and foreign currency.
The gold coins, to be called Mosi oa Tunya, will contain an ounce of pure gold with a purity of 22 carats.
The gold coins will be minted by Fidelity Gold Refineries, Zimbabwe’s sole authorised buyer of gold, while the central bank indicated the precious coins would be sold to the public through normal banking channels.
Buyers will be able to purchase and redeem the gold coins through normal banking channels, the coins may also be sold to the central bank-owned companies namely Fidelity Printers and Refiners and Aurex Private Limited.
Bongani Ndlovu