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Zim first half gold deliveries improve

17 august 2022
Gold deliveries to Fidelity Gold Refinery (FGR) rose just above 60% to 15,972.52 kg in the first half of 2022 compared to 9,954.67 kg during the same period last year, according to the Reserve Bank of Zimbabwe (RBZ).

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                            Source: RBZ

Small-scale miners continued to deliver more gold to FGR compared to large gold mining companies.
Production was above 2000 kg every month during the period under consideration.
The month of January registered the biggest improvement as gold deliveries grew 187.48% year-on-year to 2,867.94kg, while that of June dropped 4% to 2,805.13 compared to the same period last year.
“At this rate, the bank’s projection of delivery 35 000 tonnes is within reach,” said RBZ governor John Mangudya.
“To ensure that 22 the set target is achieved, there is need to maintain the incentives and complement them with increased monitoring of gold producers to reduce leakages into the parallel market.” 
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