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Zim gold output up 55% in 2021

17 january 2022
Gold deliveries to Fidelity Printers and Refiners rose by 55% in 2021 to over 29 tonnes compared to 19 tonnes, a year earlier, according to the Reserve Bank of Zimbabwe (RBZ).
The central bank governor John Mangudya said large gold miners produced 11 tonnes while small scale miners contributed 18 tonnes.
“The [central bank]…commends government for the Gold Incentive Scheme introduced in May 2021, which scheme has had a significant positive impact on gold deliveries to the Fidelity Gold Refinery,” he said.
Mangudya said it is expected that the quantum of Zimbabwe’s gold exports in 2021 will increase beyond the 29 tonnes when the gold component in the Platinum Group Metals is eventually included in the tally of gold deliveries to Fidelity Gold Refinery.
Gold producers are allowed to keep 60% of their sales in foreign currency, with the balance being converted into Zimbabwe dollars.
However, Harare allowed miners last year to keep up to 80% of their gold sales proceeds in foreign currency subject to an increase in production.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished