Zimbabwe gold exports decline by 21%

Zimbabwe's gold mining firms exported $130 million worth of bullion in August, a decline of 21 percent on the prior month.

Gold is the single largest export earner in the southern African country, whose economy is flat lining as a result of lack of investment, electricity shortages and high cost of capital.

Gold exports accounted for 35 percent of the total exports in August. Fidelity Printers and Refiners - the sole buyer of all gold produced in Zimbabwe, irrespective of its origin - said gold deliveries for the 9 months period to September have reached 28,2 tonnes which is a new all-time high for the commodity. The government had initially set a target of 28 tonnes before an upward revision to 30 tonnes which is now also likely to be surpassed.

Incessant rains in the first quarter of the year dampened gold production, coupled with power outages in the same period.

Favourable weather to date has seen gold production rising. Gold production for the year will likely be in the region of 34 tonnes which will rake in $1,3 billion in export receipts.