Gold deliveries increase by over 23 per cent
Gold deliveries by large-scale producers to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR) increased by approximately 23.34 per cent in June 2023 compared to the same period last year, statistics from the country’s sole buyer show.
Rudairo Mapuranga
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.
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 Mr Peter Magaramombe said.