Gold deliveries increase by over 1 percent

Peter Magamombe

Gold deliveries by large-scale producers increased by approximately 1.1 per cent during the first three quarters of 2023 compared to the same period last year with deliveries by Artisanal and Small-Scale Miners (ASM) decreasing by 19.2 per cent, official figures released by the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR) show.

Rudairo Mapuranga

ASM, however, accounted for approximately 61.6 per cent of the total deliveries during the first three periods of the year.

During the first three-quarters deliveries by large-scale producers increased by 1.06145 per cent to 8629.7163 kgs in 2023 from 8539.0780 kgs in 2022 with deliveries by the ASM decreasing by 19.2161 per cent to  13836.1790 kgs in 2023 from  17127.4054 kgs in 2022. Overall deliveries decreased by 12.4699 per cent to 22465.8953 kgs from 25666.4834 kgs in 2022.

In September 2023 gold deliveries by large-scale producers decreased by 2.8 per cent to 961.1361 kgs in 2023 compared to 988.3511 kgs in 2022, with deliveries by small-scale miners decreasing by 9.13582 per cent to 2169.5769 kgs in 2023 compared to 2387.7141 kgs in 2022. Overall deliveries decreased by 7.3 per cent to 3130.7130 kgs from 3376.0652 kgs in 2022.

Deliveries by the large-scale producers in August stood at 1100.6512 kgs compared to 1379.1247 kgs from Small-scale producers with total deliveries in August standing at 2 479.7759 kgs. Total deliveries for August decreased by 7.3 per cent compared to 2674 3806 kgs delivered in July.

For the period January to July, total deliveries by large-scale producers increased by 1.6 per cent to 6567.9290 kgs from 6464.1939 kgs in 2022. However, small-scale miners’ deliveries decreased 17.5 per cent from 12472.2436 kgs delivered in 2022 to 10287.4774 in 2023. Total deliveries by both producers during the period January to July 2023 decreased by approximately 11 per cent to 16855.4064 kgs from 18936.4375 kgs delivered during the same period last year.

Total deliveries by the large-scale gold producers during the period January to June 2023 increased by approximately 0.4 per cent from 5498.4087 kgs delivered in 2022 to 5519.9795 kgs.

However, deliveries by Artisanal and Small-Scale Miners (ASM) decreased by 17.31 per cent to 8661.0463 kgs from 10474.1159 kgs.

Also, total deliveries by both the large scale and the ASM declined by approximately 11.22 per cent to 14181.0258 kgs from 15972.5246 kgs.

In June alone, large-scale producers delivered 1032.5263 kgs from 837.1151 kgs. While the ASM deliveries decreased by 13.5131 percent with 1702.0787 kgs delivered in June from 1968.0192 kgs delivered in June last year. June total deliveries also decreased 2.5 per cent to 2734.6047 kgs from 2805.1343 kgs delivered in 2022.

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Jacob Mafume

There is an urgent need for financial institutions in Zimbabwe to look for opportunities and ways to capacitate Artisanal and Small-Scale Gold Miners (ASGM) to ramp up production in the wake of heavy rains which saw deliveries by the miners decline by 18.2 per cent during the first 5 months of 2023 compared to the same period last year.

Artisanal and Small-Scale Miners last year accounted for over 67 per cent of gold deliveries to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR). FGR General Manager Mr Peter Magaramombe attributed the improved contribution of small-scale producers to timeous payments to the miners by his organization.

Last year gold deliveries reached FGR’s target of 35 tonnes, the increase in deliveries is attributed to ASM whose deliveries increased by 30.3 per cent to 24.1 tonnes from 18.5 tonnes delivered in 2021. Deliveries by large-scale producers were approximately 11.2 tonnes in 2022 as well as in 2021.

Gold deliveries to FGR in the first quarter of this year (2023) plunged 20 per cent to 6.194 in the first quarter of the year from 7.694 tonnes in the same period last year.

“Gold output has declined for the first quarter ended March 31 2023 to 6.194 tonnes from 7.694 tonnes during the comparable period last year due to heavy rains during the first two months of the year,” FGR general manager Peter Magaramombe said.

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