Zim nears 2025 gold target as output hits 37 tonnes

Zim nears 2025 gold target as output hits 37 tonnes

Story by Stanley James, Business EditorZIMBABWE is edging closer to its 2025 gold production target of 40 tonnes, with official deliveries to Fidelity Gold Refinery (FGR) reaching more than 37 tonnes in the first ten months of the year.The country’s sole buyer of the yellow metal FGR notes that small scale miners continue to dominate overall production of the precious commodity.It notes that large scale miners have since January accounted for 40 percent of the total production driven by new investments and expansion of existing operations.The Zimbabwe Miners Federation (ZMF) has expressed optimism that Zimbabwe will this year surpass the 40 tonne target.ZMF attributes the bullish conditions for the sector to high gold prices that hit a new review high of US$4 000 per ounce .The trend has resulted in viable returns to the gold mining industry, thereby creating favourable operating conditions for the miners.Government interventions have also helped to increase gold production, with small scale miners formalising operations in a move that has curbed smuggling of the precious mineral.Experts contend the latest data indicates a strong performance of the gold mining industry, positioning the country on track to achieve an over six percent growth by the end of the year.It is also expected to spur Zimbabwe’s gold reserves rebuilding agenda to stabilise the domestic currency and ease inflationary pressure.

Story by Stanley James, Business Editor

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