Staff Reporter
The Second Republic through the Reserve Bank of Zimbabwe (RBZ) has unveiled its Quarterly Economic Review September 2023, revealing a modest 0.4% increase in gold output during the third quarter, the Harare Post can report.
According to the Central Bank's report, Zimbabwe will transform into an upper middle income economy by 2030, as the total gold output for the third quarter of 2023 reached 8,601.77 kilograms, marking an improvement from the 8,567.93 kilograms produced in the second quarter.
“Gold output stood at 8 601.77 kgs in the third quarter of 2023, which is about 0.4% higher than 8 567.93 kgs produced in the second quarter of 2023. The third quarter of 2023 output flourished compared to the same period in 2022,” the report said.
Artisanal Small-Scale Gold Miners (ASGM) emerged as the primary contributors to the economic growth in the Second Republic’s mining drive, dominating the list of the largest producers.
“On a quarter-on-quarter basis, gold output was boosted by increased output from both the Artisanal Small-scale Gold Miners (ASGM) and large-scale miners whose output increased by 4% and 3%, respectively in the third quarter of 2023 when compared to the second quarter of 2023.
“The ASGM miners delivered 60% (5,175 kgs) of the total gold deliveries during the third quarter of 2023 with large scale producers and secondary scale producers accounting for 36% and 4%, respectively, as gold output boosted in the period under review,” the report said.
ASGM miners played a pivotal role, contributing 60% (5,175 kilograms) of the total gold deliveries during the third quarter of 2023. In contrast, large-scale producers and secondary scale producers accounted for 36% and 4% of the total output, respectively.
The RBZ's report provides insights into the intricate dynamics of Zimbabwe's continuous implementation of a successful mining trajectory, offering stakeholders valuable information to guide future policies and initiatives aimed at bolstering the country's position into an upper middle income economy by 2030.
Meanwhile, mining output continues to be positively influenced by the ongoing investment projects in the sector including exploration, mine development, and mechanization implemented by the Second Republic mining policy.
