Gold deliveries to Fidelity Gold Refinery fall in Q1 2023
Zimbabwe’s gold output for the first quarter ending 31st of March 2023 declined compared to the same period last year.
This was partly attributed to incessant rains that engulfed the country.
In a statement, Fidelity Gold Refinery (FGR) General Manager Mr Peter Magamombe said the sole buyer received 6.194 tonnes from 7.694 tonnes received 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.
As you can see, gold deliveries increased to 2.4 tonnes in March 2023 from 1.89 tonnes in February this year.
Though deliveries are still in the negative compared to the same period, there were positive steps in the right direction in March,” Magaramombe said.
In February the Chief Government Mining Engineer (CGME) Michael Munodawafa emphasized the importance of preserving life and called on artisanal and small-scale miners mining in low-lying areas to temporarily stop operations as Zimbabwe braced for Tropical Cyclone Freddy.
Some miners have still not yet resumed mining as fears of shaft flooding remain with prolonged rains currently being experienced.
Another problem the country currently faces is the gruelling power cuts that has the country in the dark for 16 hours a day.
The rolling blackouts popularly known as load shedding have impacted production, according to Collin Chibafa, the President of the Chamber of Mines Zimbabwe (CoMZ).
“About 88% of our members are experiencing at least six hours of load shedding daily,” Chibafa said. “That would impact the level of production that comes out.” Some mines experience blackouts for as long as 12 hours a day, he added.
While some mines have built their own solar power plants, they only provide power for a few hours. And others have opted for diesel generators.
“Obviously that’s an expensive and the least viable option. If you have people underground, they need ventilation, they need oxygen,” Chibafa said.