adminincreasing, a senior Government official has said.
The LBMA is an international professional organisation that oversees the sale of gold and silver markets.
Zimbabwe was disqualified from the prestigious market in 2008, after it produced only three tonnes of the precious metal that year, a figure far below the mandatory annual production of 10 tonnes.
Mines and Mining Development Deputy Minister Gift Chimanikire said Government was aiming to be readmitted into the prestigious organisation next year.
“As things stand, we are on the verge of re-admission as gold production keeps going up. By year end we will be able to produce between 15 and 17 tonnes of gold,” said Mr Chimanikire.
“By next year we aim to be re-licensed by LBMA. This means Zimbabwe will be able to sell refined gold with more value.”
The country has so far produced 12 tonnes of gold since January from last year’s eight, surpassing the 10 tonnes required for membership to the LBMA.
Primary and small-scale miners contributed 81 percent and 19 percent respectively to total output.
Mr Chimanikire said the Government was implementing measures to ensure the upward trend in gold production continued. – New Ziana.
“We are actually looking at ways of improving production and to date we have acquired machinery worth US$800 000 for small scale gold miners and more is coming,” he said.
Since the license was revoked, Zimbabwe has been sending its gold to South Africa for refining.
Gold used to be one of Zimbabwe’s major foreign currency earners but during the past decade when the country grappled with economic sanctions the mining sector failed to renew equipment–New Ziana
Online Reporter