Zimbabwe Gold submissions increase by over 8 percent
Large-scale producers Gold deliveries to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR) increased by approximately 8.5 per cent in July 2023 compared to the same period last year with artisanal and small-scale miners (ASM) deliveries decreasing by approximately 18.6 per cent.
Rudairo Mapuranga
The ASM, however, remain the country’s biggest gold producers accounting for over 61 per cent of gold deliveries with the miners delivering a total of 10287.4774 kgs compared to 6567.9290 kgs delivered by the large-scale producers during the period January to July of 2023.
According to statistics released by FGR gold deliveries by the Large-scale producers increased by 8.5 percent to 1047.9495 kgs from 965.7852 kgs delivered in 2022. However, deliveries by Small scale miners decreased by 18.6 per cent to 1626.4311 kgs from 1998.1277 kgs in 2022. Total deliveries by both large-scale and small-scale producers decreased by approximately 9.8 per cent to 2674.3806 kgs from 2963.9129 kgs in 2022
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 percent 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.