Gold deliveries up by 60pc during 2022 first half – NewZimbabwe.com

By Reason Razao

Reserve Bank of Zimbabwe (RBZ) governor has expressed optimism that gold deliveries will reach the set target by the end of year whilst emphasising the need to plug leakages of the yellow metal.

Projected gold deliveries were set at 35 000 kgs and to date Fidelity Gold Refiners (FGR) has received 15,972 kgs.

In a Mid-Term monetary policy statement, RBZ Governor John Mangudya said gold deliveries were up by 60.45% or 6,017.85 kgs more compared to the yellow metal delivered to FGR during the same period last year.

“Total deliveries during the first half of 2022 were 60.45 percent more than what was achieved over the same period in 2021,” Mangudya said.

“At this rate, the Bank’s projection of delivery 35 000 tonnes is within reach,” he said.

According to Mangudya, more needs to be done in terms of plugging leakages and creating more benefits for gold producers.

“To ensure that the set target is achieved, there is a need to maintain the incentives and complement them with increased monitoring of gold producers to reduce leakages into the parallel market,” said Mangudya.

The Zimbabwean government launched an ambitious plan to transform the mining sector into a US$12 billion export industry by the end of 2023.

In 2021 according to Mining Zimbabwe, the country earned around US$5 billion from mineral exports.