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Zimbabwe gold deliveries up 26% in September

by Staff reporter
06 Oct 2023 at 06:42hrs | Views
Gold deliveries to Fidelity Gold Refinery (FGR) saw a notable increase of 26.24% in September compared to August, according to the latest data. This surge in gold deliveries reflects a recovery in the production of the precious metal in Zimbabwe. The country has set a target of producing 40 tonnes of gold this year.

In September, a total of 2,479.7759 kilograms of gold were delivered to FGR, surpassing August's figures. However, when compared to the same period in 2022, gold production in September was down by 7.28%, with last year's September deliveries amounting to 3,376 kilograms.

Breaking down the September deliveries, large-scale gold producers contributed 961.1361 kilograms, while artisanal miners delivered 2,169.5769 kilograms of gold to FGR.

Data from FGR reveals that over the first nine months of the year, Zimbabwe produced a total of 22,465.8953 kilograms of gold. Small-scale miners accounted for 61.87% of this production, with large-scale gold producers contributing the remaining portion.

Despite the increase in gold deliveries in September, doubts persist regarding Zimbabwe's ability to reach its target of producing 40 tonnes of gold this year. Earlier in the year, gold deliveries were significantly impacted by heavy rains, resulting in a nearly 16% decline in the first four months compared to the same period in 2022.

In May, Henrietta Rushwaya, the President of the Zimbabwe Miners Federation, expressed optimism that the sector would surpass the previous year's gold production of 33 tonnes, despite a slow start.

Notably, gold has been a key contributor to Zimbabwe's exports, with the Zimbabwe National Statistics Agency (ZimStat) reporting that a substantial portion of exported goods in August 2023, worth US$603.2 million, came from gold. Gold accounted for 21.6% of these exports.

ZimStat also noted that Zimbabwe's trade deficit had decreased, dropping from US$179.8 million in July 2023 to US$170.1 million in August 2023. This decrease was attributed to increased exports, which rose by 7.7% in August, compared to July. Key exports included semi-manufactured gold, nickel mattes, tobacco, and other mineral substances.

Source - newsday