News / Local
Zimbabwe's third-quarter gold output up 0,4%
27 Dec 2023 at 08:23hrs | Views
The Reserve Bank of Zimbabwe's third-quarter 2023 report has disclosed a 0.4% increase in gold output, primarily driven by Artisanal Small-Scale Gold Miners (ASGM) emerging as the leading contributors to production.
In comparison to the previous year, the report highlighted a slight growth in output. The third-quarter gold production reached 8,601.77 kgs, a 0.4% uptick from the 8,567.93 kgs recorded in the second quarter of 2023. However, this output was 16% lower than the same period in 2022.
Quarter-on-quarter figures indicated a rise in gold output, propelled by both ASGM and large-scale miners, posting a 4% and 3% increase, respectively, in the third quarter of 2023 compared to the second quarter.
The ASGM sector played a significant role, contributing 60% (5,175 kgs) of the total gold deliveries during the third quarter, while large-scale and secondary scale producers accounted for 36% and 4%, respectively.
However, gold deliveries to Fidelity Gold Printers (FGP) during the same period experienced a 13% decline, dropping from 22.289 tonnes to 19.335 tonnes in the first eight months of the year. There are speculations that miners divert their gold to alternative markets with instant payment options, as the government's payment process takes a week.
Market observers suggest the implementation of new policies to enhance production and capitalize on robust commodity prices.
In comparison to the previous year, the report highlighted a slight growth in output. The third-quarter gold production reached 8,601.77 kgs, a 0.4% uptick from the 8,567.93 kgs recorded in the second quarter of 2023. However, this output was 16% lower than the same period in 2022.
Quarter-on-quarter figures indicated a rise in gold output, propelled by both ASGM and large-scale miners, posting a 4% and 3% increase, respectively, in the third quarter of 2023 compared to the second quarter.
However, gold deliveries to Fidelity Gold Printers (FGP) during the same period experienced a 13% decline, dropping from 22.289 tonnes to 19.335 tonnes in the first eight months of the year. There are speculations that miners divert their gold to alternative markets with instant payment options, as the government's payment process takes a week.
Market observers suggest the implementation of new policies to enhance production and capitalize on robust commodity prices.
Source - newzimbabwe
