Gold deliveries to Fidelity Gold Refinery (FGR) saw a substantial increase of 26.65% in 2024 compared to 2023, largely driven by small-scale miners whose deliveries surged by over 21%. Mining Zimbabwe can confirm that small-scale miners maintained their dominance, contributing nearly two-thirds of the total gold delivered.
By Rudairo Mapuranga
December Performance
In December, small-scale miners delivered 3,127.7228 kgs of gold, marking a 19.57% increase from 2,615.8037 kgs in November. On the other hand, large-scale miners experienced a slight decline in deliveries, dropping by 8.16% from 1,126.3594 kgs in November to 1,034.517 kgs in December. The total gold deliveries for December stood at 4,162.2398 kgs.
2024 Year-End Performance
For the entire year of 2024, small-scale miners delivered an impressive 23,745.6423 kgs, a 21.41% increase compared to 18.7 tonnes (18,700 kgs) delivered in 2023. Large-scale miners contributed 12,741.1103 kgs, showing stability but lower growth compared to the previous year. The overall gold deliveries for 2024 reached 36,486.7526 kgs, marking a 21.22% increase from the 30.1 tonnes delivered in 2023.
This performance underscores the critical role that artisanal and small-scale mining (ASM) plays in Zimbabwe’s gold production, consistently contributing the bulk of the national output. Small-scale miners accounted for over 65% of total gold deliveries in 2024.
Monthly Fluctuations in 2024
The monthly fluctuations in gold deliveries throughout 2024 highlighted the sector’s volatility. In November, small-scale miners delivered 2,615.8037 kgs, followed by 3,127.7228 kgs in December, reflecting a 19.57% month-over-month increase. Meanwhile, large-scale miners saw an 8.16% decline in December compared to the 1,126.3594 kgs delivered in November.
Performance Throughout the Year
The ASM sector’s contributions grew steadily over the year. In the second quarter, small-scale miners delivered 12,321.5587 kgs, a 15% increase from the first quarter. Large-scale miners, although showing more modest growth, remained steady contributors to the gold sector, ensuring overall stability in national output.
In August 2024, a significant rise of approximately 36% in gold deliveries compared to July was driven by small-scale miners. Large-scale miners also showed consistent performance throughout the year, though their share of total deliveries was overshadowed by the small-scale sector’s output.
Challenges and Outlook
While 2024 has been a productive year, the gold mining sector continues to face challenges, including rising operational costs, power shortages, and unfavorable exchange rate policies. Despite these obstacles, both ASM and large-scale miners have demonstrated resilience, contributing significantly to Zimbabwe’s economy.
Looking forward, stakeholders remain hopeful that addressing these challenges will ensure sustained growth in 2025. The continued expansion of small-scale mining, coupled with increased efficiencies in large-scale operations, will be crucial for the country’s economic development.
As the year concludes, the mining sector reflects on a strong performance, with overall gold deliveries increasing by over 26%, driven by the relentless efforts of small-scale miners.
