Business / Economy
Zimbabwe's gold output 27 percent up
28 Apr 2011 at 13:11hrs | Views
Gold production in Zimbabwe climbed 27% in the first three months of 2011 to 2,500kg from 1,900kg in the same quarter of last year, reported Zimbabwe's state-owned newspaper The Herald.
In a report published on Wednesday, the newspaper said the rise in production was largely driven by the rally in the gold price.
Gold output reached a record 29,000kg in 1999 but declined to a record low of 4,200kg in 2008 as a result of economic recession and mine closures.
Zimbabwe's Chamber of Mines has forecast that the country's gold production will reach 13,000kg this year.
The chamber believes that an investment of US$1 billion in the sector could catapult output to 50,000kg in the next five years.
In a report published on Wednesday, the newspaper said the rise in production was largely driven by the rally in the gold price.
Zimbabwe's Chamber of Mines has forecast that the country's gold production will reach 13,000kg this year.
The chamber believes that an investment of US$1 billion in the sector could catapult output to 50,000kg in the next five years.
Source - I-Net Bridge
