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Oliver Kazunga Business Reporter
ZIMBABWE earned $325,75 million from gold sales in the first half of the year.
Statistics from the Chamber of Mines show that revenue from gold sales went down by 27,42 percent from the comparable period in 2012.
A total of 6,7 tonnes of the metal were produced in the first six months compared to 8,5 tonnes during the same period last year.
In the 2013 mid-term national budget, gold production was revised downwardsfrom 17 tonnes to 15 tonnes largely because of a leach tank breach which affected operations at Freda Rebecca mine in February.
The accident resulted in the suspension of plant processing operations to allow for repairs while measures to restore safety were being undertaken. Normal production recommenced on 1 April.
The continued decline in international gold prices has also weighed down on the mineral’s output volumes during the first four months of 2013.
Gold output in the first six months was also affected by the rationalisation of operations at Metallon Gold, one of the largest mining houses in the country when it switched from the relatively costly shaft mining to open-cast operations at its Arcturus and Redwing mines.
Producers were also most likely not to meet the target due to softer international gold prices and local systemic factors such as inadequate energy.
Meanwhile, platinum production was at 6,6 tonnes worth $291,91 million a slight increase from last year’s 6,4 tonnes valued at $285,01 million.
The overall mineral production was down to $930,9 million from $1,133 billion.
The mining industry continues to face challenges such as access to long-term loans of more than 12 months.
An economic analyst Mr Peter Mhaka said companies were failing to access long term loans.
“The perceived high country risk rating makes it difficult for local companies to access long-term loans from local and international financial institutions.
“As a result, the liquidity crisis and all other challenges in the industry continue to cripple mineral production in the country.”
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