Business / Economy
Zimbabwe seeks London Bullion Market membership
15 May 2012 at 09:40hrs | Views
Plans to rejoin the London Bullion Market Association (LBMA) are at an advanced stage as local gold production emerges from the doldrums.
Mines and Mining Development minister Obert Mpofu told NewsDay yesterday that plans were underway to support small-scale miners in a bid to rejoin the LBMA.
The LBMA is the London-based trade association that represents the wholesale market for gold and silver.
"We are working on putting our act together before rejoining the LBMA," Mpofu said.
Zimbabwe was in 2008 disqualified from the prestigious club after production of the precious metal plummeted due to poor economic policies, which triggered a near collapse of the mining sector.
Gold production dropped to three tonnes at the height of an economic crisis which ended in 2009, a figure far below the 10 tonnes required by the bullion association.
At its peak in 1999, Zimbabwe produced 27 tonnes of gold.
Month-on month gold deliveries in March 2012 registered positive growth for both small-scale producers and primary producers with 13,59% and 26, 01%, respectively. Overall gold deliveries grew by 23,4% from February 2012 to March 2012 deliveries.
Mines and Mining Development minister Obert Mpofu told NewsDay yesterday that plans were underway to support small-scale miners in a bid to rejoin the LBMA.
The LBMA is the London-based trade association that represents the wholesale market for gold and silver.
"We are working on putting our act together before rejoining the LBMA," Mpofu said.
Zimbabwe was in 2008 disqualified from the prestigious club after production of the precious metal plummeted due to poor economic policies, which triggered a near collapse of the mining sector.
Gold production dropped to three tonnes at the height of an economic crisis which ended in 2009, a figure far below the 10 tonnes required by the bullion association.
At its peak in 1999, Zimbabwe produced 27 tonnes of gold.
Month-on month gold deliveries in March 2012 registered positive growth for both small-scale producers and primary producers with 13,59% and 26, 01%, respectively. Overall gold deliveries grew by 23,4% from February 2012 to March 2012 deliveries.
Source - newsday
