Zimbabwe Concludes First Quarter of 2024 Gold Mobilization Effort

Harare, Zimbabwe – The Ministry of Mines and Mining Development has concluded the first quarter of its 2024 Gold Mobilization Exercise with a presentation at the Jameson Hotel, led by Minister Hon. W. Chitando. This initiative aims to boost gold production and ensure compliance within the gold mining sector, a crucial part of Zimbabwe’s economy.

In his address, Minister Chitando underscored the importance of gold to the nation’s economic growth. “Gold is a cornerstone of our prosperity,” he said. “It drives our economy, creates jobs, and improves the lives of our people.”

The exercise, covering all mining provinces, aims to formalize artisanal and small-scale mining operations and ensure all gold is traded through official channels like the Fidelity Gold Refinery (FGR), Zimbabwe’s sole gold exporter.

Key Achievements and Challenges:

Gold Deliveries: From January to April 2024, gold deliveries to FGR totaled 8.4 tons, slightly lower than the 8.57 tons delivered during the same period in 2023.

Large-Scale Miners: Deliveries from large-scale miners increased by 26% compared to 2023, thanks to new technologies and expansion projects.

Small-Scale Miners: Deliveries from small-scale miners decreased by 23%, primarily due to illegal trade and side marketing.

To address these issues, the Ministry has introduced several initiatives, including the establishment of gold service centers and the provision of equipment through the Mining Industry Loan Fund. These measures aim to enhance production efficiency and support small-scale miners.

The mobilization exercise also emphasizes compliance, encouraging miners to formalize their operations and ensuring all gold is traded legally. Data collection on processing equipment will help account for previously undocumented gold production, contributing to the national good.

“Every ounce of gold must contribute to our development,” said Chitando. “We must work together to ensure our gold benefits all Zimbabweans.”

As the team moves forward, they are encouraged to work with dedication and integrity. The success of the Gold Mobilization Exercise is viewed as essential for Zimbabwe’s economic future, unlocking the full potential of the nation’s gold resources.

Positive Eye News

Leave a Reply

Your email address will not be published. Required fields are marked *

News

New Tourism Strategy Aims to Empower Local Communities

The tourism sector is set for a transformation as the Tourism and Hospitality Industry Minister, Barbara Rwodzi, calls for greater collaboration with local communities to enhance their well-being. Speaking at the inaugural Tourism and Conservation Conference in Harare yesterday, Minister Rwodzi highlighted the critical role of community involvement in the future of tourism. The event, […]

Read More
News

Government Moves to Improve Transparency

On July 10, 2024, the Government took a significant step towards enhancing transparency and accountability in service delivery by launching the Zimbabwe Inter-Governmental Fiscal Transfers System (IGFTS) Administrative Manual. This initiative aims to streamline the management and processing of devolution funds, ensuring they are utilized in a responsible manner. Since its inception, the Second Republic, […]

Read More
News

Mutapa Investment Fund (MIF) – Zim’s 4th Chimurenga

The Sentry’s latest report on the Mutapa Investment Fund (MIF) has been met with scepticism and criticism, suggesting potential wrongdoing or unethical behaviour. The report uses language such as “raises concerns,” “overvaluation of shares,” and “transfer of public wealth to private individuals,” indicating a negative perspective on the MIF’s dealings. However, it is essential for […]

Read More