Staff Reporter
The Ministry of Mines and Mining Development has officially launched the 2024 Second Gold Mobilisation exercise, a strategic initiative aimed at enhancing compliance and maximizing revenue from Zimbabwe’s gold mining sector.
The initiative, set to take place across eight provinces, will focus on both large-scale and small-scale miners as Government pushes to formalize gold production and trading.
During a send-off workshop of gold mobilisation teams in Harare yesterday, Mines and Mining Development Minister Winston Chitando underscored the importance of gold in Zimbabwe’s economy.
“Gold has long been a source of wealth and prosperity for Zimbabwe, holding immense potential to fuel our economic growth, create jobs, and enhance the lives of Zimbabweans. The surge in global gold demand, with prices rising from US$1,900 per ounce in September 2023 to US$2,500 currently, which further amplifies the importance of optimizing gold output.
“The country’s gold output for 2024 is projected to reach 39 tonnes, a notable increase from the estimated 33 tonnes for 2023. This growth is being driven by ongoing expansion projects and favorable global gold prices. With gold revenue expected to surpass US$3 billion in 2024, capacity utilization in the sector is also anticipated to jump to 95%, up from 84% in the previous year,” said Chitando.
Minister Chitando highlighted that this effort would also focus on addressing illegal gold extraction and plugging leakages into side markets that drain potential revenue.
"Zimbabwe’s currency is anchored on gold, making it imperative that all gold trades are handled by Fidelity Gold, the country's sole authorized exporter. The previous gold neutralization initiatives had been effective, but further efforts are necessary to ensure all gold is traded through legitimate channels.
“In 2023, gold deliveries through Fidelity Gold Refinery stood at 30.1 tonnes, with 20.7 tonnes already delivered from January to August 2024. The mobilization exercise is expected to significantly improve these figures while also curbing illegal trade in gold, which remains a major issue in the sector,” Minister Chitando explained.
Permanent Secretary in the Ministry of Mines and Mining Development Pfungwa Kunaka also stressed the critical role of gold in Zimbabwe’s economic development, calling on miners to formalize their operations and adhere to national regulations.
“Gold is one of Zimbabwe’s most valuable resources, and we urge all miners to work within the formal structures by surrendering their gold to Fidelity. This will help ensure that the benefits of our natural wealth are shared by all,” Kunaka said.
The 2024 Gold Mobilization exercise marks a crucial step towardsS fully harnessing Zimbabwe's gold resources, improving the livelihoods of citizens, and securing the future of the mining sector as a cornerstone of the nation's economy.
