adminThe AfDB said statistics from the Reserve Bank of Zimbabwe revealed that in May 2012, total gold deliveries registered a 3,31 percent decline from April 2012 to 1,076 kg, while gold deliveries by primary producers fell by 2,5 percent.
Deliveries by small-scale producers shrunk by 2,03 percent.
“However, the average growth for total gold deliveries for the five months from January to May 2012 stood at 1,3 percent, registering a cumulative figure of 5.3145 kg.
“In comparison with the same period last year, total gold deliveries grew by 13,1 percent from 950,94 kg in May 2011 to 1 076 kg in May 2012, while gold deliveries by small-scale producers and primary producers grew by 23,2 percent and 10,9 percent respectively,” said AfDB.
An economic commentator, Ms Chipo Warikandwa attributed the decline in gold production in May to intermittent power supplies.
“Among other factors, the decline in gold production in May can be largely attributed to increased load-shedding that has over the years become common in Zimbabwe during the winter season,” she said.
The mining industry is looking at producing more than 14 tonnes of gold this year.
In 2011, gold production rose by 38 percent and for the first time since 2006, Zimbabwe’s production breached the 10-tonne mark, a development that saw the country eligible for re-entry onto the London Bullion Market.
Since the liberalisation of the economy in February 2009, the mining sector has continued to be the country’s mainstay for economic growth and development contributing an estimated 13 percent to the Gross Domestic Product in 2011.
The mining sector is projected to grow by 15,8 percent this year.
derick.khumalo