Business / Economy
Zimbabwe has produced 12 tonnes of Gold since January
15 Sep 2011 at 15:19hrs | Views
Zimbabwe's upward gold production has met requirements for re-admission into the London Bullion Market Association (LBMA) that suspended the country in 2008 following a huge drop in gold output.
Mines Minister, Obert Mpofu said Zimbabwe has produced 12 tonnes of gold since January, surpassing the 10 tonnes required for membership to the LBMA which regulates gold trade internationally.
"As things stand, we are on the verge of re-admission as gold production keeps going up and as the government, we will continue assisting with mining equipment and resources where possible to miners so that the sector continues to grow," Mpofu said in an interview.
The LBMA is a wholesale market for the trading of gold and silver. Trading is conducted among members of the LBMA, loosely overseen by the Bank of England.
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 required by the London Bullion Market.
Gold is traditionally one of Zimbabwe's major foreign currency earners but the mining sector has been hamstrung by foreign exchange shortages to renew equipment and replenish supplies.
Mines Minister, Obert Mpofu said Zimbabwe has produced 12 tonnes of gold since January, surpassing the 10 tonnes required for membership to the LBMA which regulates gold trade internationally.
"As things stand, we are on the verge of re-admission as gold production keeps going up and as the government, we will continue assisting with mining equipment and resources where possible to miners so that the sector continues to grow," Mpofu said in an interview.
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 required by the London Bullion Market.
Gold is traditionally one of Zimbabwe's major foreign currency earners but the mining sector has been hamstrung by foreign exchange shortages to renew equipment and replenish supplies.
Source - radiovop
