Staff Reporter

Zimbabwe’s gold mining sector has experienced a notable boost, with gold output reaching 24 tonnes in the first nine months of 2024, marking a 7% increase compared to the same period last year.

This growth is attributed to increased production from both large-scale and small-scale miners, reflecting the sector’s resilience and ongoing development efforts.

According to data from Fidelity Printers and Refiners, the country’s sole gold buyer, the sector delivered a total of 24.089   tonnes between January and September 2024. This figure underscores a 7.2% rise in gold deliveries, compared to the 22 tonnes recorded during the same period in 2023.

In an interview with this publication, Fidelity Printers and Refiners General Manager, Mr Peter Magaramombe, highlighted this positive trend, attributing it to the concerted efforts by both the Government and mining stakeholders to bolster the country’s gold mining capabilities.

“As of 30 September 2024, we received a total of 24 tonnes of gold, which represents a 7.2% increase compared to the same period last year.

“The third quarter of 2024 saw a significant uptick in gold deliveries, totaling 10,309 kilograms. This represents a 33% increase from the 7,739 kilograms delivered in the second quarter, further demonstrating the sector’s growth momentum,” said Mr Magaramombe.

Magaramombe emphasized that to further support the gold mining sector, Fidelity Printers and Refiners announced plans to open three new gold buying centers by the end of the year, expanding their network to a total of 20 centres. These new facilities will be located in Mberengwa, Mount Darwin, and Ngundu.

“We are committed to providing accessible and convenient gold buying services to miners across the country. By expanding our network, we aim to encourage more miners to participate in the formal gold market and contribute to the country’s economic development. Currently, in areas without buying centers, we have designated agents and mobile buying units to ensure no place is left behind,” Mr Magaramombe explained.

President of the Zimbabwe Miners Federation  (ZMF) Ms Henrietta Rushwaya, has also praised the Government for creating a favorable environment that has spurred growth in the gold sector.

“The streamlined processes and reduced bureaucracy have created a more conducive environment for our members to operate. This has resulted in increased productivity and a greater sense of confidence among small-scale miners.

“Government’s commitment to creating a conducive business environment for small-scale miners has been instrumental in driving growth and investment in the sector. We are optimistic about the future of Zimbabwe’s gold industry and its potential to contribute significantly to the country’s economic development,” said Rushwaya.

According to the ZMF, the Government’s streamlined processes and reduced bureaucracy have been instrumental in enabling small-scale miners to thrive.

“Small-scale miners play a crucial role in Zimbabwe’s gold industry, accounting for over 60% of total gold deliveries, with the rest contributed by large-scale miners. The government has set an ambitious target of 35 tonnes of gold deliveries by the end of 2024, reflecting a strong commitment to maximizing the sector’s potential,” revealed ZMF.

With the continuous efforts to expand gold buying infrastructure and support for small-scale miners, Zimbabwe’s gold sector is on a path to sustained growth, offering promising prospects for the country’s economic development.