Gold Deliveries Increase by Over 22%, ASM Leads with Over 30%
Gold deliveries to Fidelity Gold Refinery (FGR), Zimbabwe’s sole buyer and exporter, surged by approximately 22% in October compared to the previous month. This increase was largely driven by artisanal and small-scale miners (ASM), who contributed over 75% of the total deliveries, as reported by Mining Zimbabwe.
By Rudairo Mapuranga
According to official FGR figures obtained by this publication, ASM sector deliveries rose from 2,404.9807 kg in September 2024 to 3,143.1649 kg in October 2024, marking a significant increase of approximately 30.7%.
Deliveries from large-scale miners (LSM) also improved, rising by about 1.5% from 1,009.2107 kg in September to 1,024.6346 kg in October.
Overall, gold production climbed from 3,414.1914 kg in September to 4,167.7995 kg in October, an increase of roughly 22%.
In August, deliveries had seen an even greater increase, surging by approximately 36% compared to July. FGR statistics show total gold deliveries from both ASM and LSM rose from 2,495.0803 kg in July to 3,400.3442 kg in August.
ASM deliveries in August showed a remarkable increase of approximately 42.7%, rising from 1,618.5140 kg in July to 2,373.0537 kg. This growth underscores the continued dominance of small-scale miners in the nation’s gold production.
Large-scale miners also contributed positively in August, with their deliveries increasing by 10.6%, from 999.8705 kg in July to 1,027.2995 kg.
In August, ASM accounted for about 70% of total gold deliveries, with LSM contributing the remaining 30%. This highlights the critical role small-scale miners play in Zimbabwe’s gold sector.
The increase in October follows strong performance throughout the year, particularly in the second quarter of 2024 when gold deliveries rose by over 28% compared to the first quarter. Total gold delivered in the second quarter reached 7,739.4241 kg, up from 6,044.8689 kg in the first quarter.
This substantial rise in second-quarter deliveries was mainly driven by the ASM sector, which delivered 4,515.1660 kg—a 55.6% increase from their first-quarter performance. Large-scale miners contributed to the overall increase with a more modest rise of 2.6%, delivering 3,224.2581 kg.
Despite a slight dip in production from May to June 2024, the gold sector remains robust, with small-scale miners continuing to drive growth. The strong performance in August and October reflects the sector’s resilience and reaffirms the importance of both ASM and LSM in sustaining Zimbabwe’s gold production and economic stability.
In 2023, gold deliveries had dropped by 15% due to challenges like rising costs, power shortages, and currency policies. However, the notable rebound in 2024 suggests recovery, bolstered by improved mining conditions and increased contributions from small-scale miners. As the year progresses, the sector is positioned for further growth, particularly if challenges from 2023 continue to be addressed.