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Charity Ruzvidzo Business Reporter
THE government has set aside $50 million seed capital for accelerated gold production through Fidelity Printers and Refiners Limited and targets a 30 tonne output and $1,5 billion revenue in five years.Presenting the 2015 monetary policy statement yesterday, Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya projected that gold output would increase by 7, 1 percent to 15 tonnes in 2015 from 13,899 tonnes in 2014.
He said gold deliveries from small scale producers outpaced deliveries from large scale producers last year.
“Fidelity Printers and Refiners has continued to increase the volume of gold it handled by 10 percent from 12,661 tonnes in 2013 to 13,899 tonnes in 2014. It is projecting deliveries to increase by 7, 1 percent in 2015 to 15 tonnes,” said Mangudya.
“Over the period 2012 to 2014, the country witnessed a decline in deliveries from large scale gold producers to Fidelity Printers and Refiners from 10, 86 tonnes in 2012 to about 9, 96 tonnes in 2014, a decline of about 8,3 percent.”
Mangudya said gold deliveries from small scale producers increased by 51, 1 percent from 2,6 tonnes in 2012 to 3,9 tonnes in 2014.
As part of accelerating gold production in the country, he said, RBZ has mobilised $50 million that will be managed by Fidelity Printers and Refiners.
“This fund will finance Fidelity’s own mining projects and also support viable gold projects. The accelerated gold production initiative’s vision is to increase gold production to 30 tonnes per year by 2020 and revenue of around $1,5 billion at current prices,” said Mangudya.
He said the target was achievable as in 1999 the country produced its highest ever gold tonnage of 27 tonnes at a time when artisanal mining was very minimal at around five percent.
Presently about 30 percent of the gold is coming from artisanal and small scale producers.
In January last year, a total of 926,79 tonnes of gold was delivered to Fidelity from both large and small scale producers.
In February, a total of 931,35 tonnes of gold was delivered from both large and small scale producers.
In March, April, May and June 1,040,49 tonnes, 1,039,36 tonnes, 1,020,53 tonnes and 1,019,48 tonnes of gold were produced respectively by small and large scale producers.
In July, August, September, October, November and December, 1,248,5 tonnes 1,282,07 tonnes, 1,337,17 tonnes, 1,268,41 tonnes, 1,310,19 tonnes and 1,475,48 tonnes of gold were produced respectively by small and large scale producers.
Online Reporter