World Economy

Zimbabwe Gold Output to Surpass 30 Tons

Zimbabwe  Gold Output to Surpass 30 TonsZimbabwe  Gold Output to Surpass 30 Tons

The Reserve Bank of Zimbabwe has applauded the gold mining sector for its strong performance this year as the country gears to breach 30 tons output by year-end, a record achievement since  independence, Bulawayo24 reported. The sector has contributed significantly to the economy and had clocked the 20-ton gold output by July this year. Last year, gold output closed the year at 24 tons. The highest gold output the country had ever achieved so far was 27.1 tons in 1999. Speaking during a Fidelity Printers and Refiners’ organized regional gold mining conference in Gwanda last week, RBZ principal analyst, Dishoni Limbikani said: “The production and growth of the economy is anchored on production and the gold sector provides us with this key contribution. We have already indicated that 40% of the foreign currency in the mining sector is coming from gold and that’s a key contribution”. He said earnings from the gold sector have helped sustain economic activity in the country, thereby allowing forex allocation to support critical imports such as fuel, drugs and equipment for hospitals, power imports as well as key raw materials for the manufacturing sector.


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