ZIMBABWE recorded a 30 percent jump in gold deliveries in May to about two tonnes compared to 1.5 tonnes in April, data from Fidelity Printers and Refiners show.
Latest statistics from Fidelity Printers, the sole gold buyer since 2015, show that in May primary producers and small-scale miners had a combined delivery of 1 920.3 kilogrammes, the highest monthly output so far this year.
Of that figure, deliveries by primary producers were at 1 045.3 kg while small-scale miners delivered 875.9 kg.
In January, primary producers and small-scale miners had a combined total of 1 636.5 kg, while in February deliveries declined to 1 454.9 kg.
In March gold deliveries to Fidelity rose to 1 545.4 kg before receding to 1 489.3 kg in April.
The miners, in the first quarter of the year produced a combined total of 4 636.8 kg while statistics from the country’s sole gold buyer show that 3 409.7 kg have so far been delivered in the second quarter.
Government is working on a plan to establish a gold reserve set to anchor the introduction of a local currency when the right time comes for the return to the Zimdollar, it has been learnt.
This comes at a time when the country is grappling with cash shortages and economists believe the issuance of a gold backed local currency would help stimulate economic activity.
Modelled around the $200 million Afreximbank facility, which is backing the current bond notes in circulation, economists believe the local currency will ease liquidity challenges and stimulate aggregate demand.
Plans to create a gold reserve involve investing in the efficient operations of Government’s gold mining firms, including Sabi, Elvington and Jena gold mines.
Sabi Gold Mine resumed operations recently with targets to produce about 25kg of gold per month after a five-year hiatus caused by working capital constraints.
Mines and Mining Development Minister Walter Chidhakwa said the gold reserve would complement the Sovereign Wealth Fund, where a set of minerals would be reserved for future generations.
The legal processes that will give effect to the fund are still before Parliament.
POLICE have been called to restore order at the recently re-opened Sabi Gold Mine in Zvishavane as artisanal gold miners (amakorokoza), who had thrived on the 24-month-long closure of the mine, have refused to leave.
Reports of armed clashes between mine security personnel and the artisanal miners are said to be continuing, with indications that casualties from both parties have been recorded.
Zimbabwe Mining Development Corporation (ZMDC)-owned gold producer, Sabi Gold Mine, resumed operations last month after two years and expects to produce about 25kg of gold this month.
However, the mine may fail to meet the target due to the Amakorokoza menace. Mines and Mining Development deputy minister Cde Fred Moyo confirmed the development.
Sources at the mine said the artisanal miners were allegedly throwing explosives at security details from the mine with the latter retaliating with gunfire in mining shafts.
“The police are now doing constant checks at this mine which got about $13million injection from the government and a private partner,” said the source.
ZIMBABWE international Danny Phiri’s future at South African Premiership club Golden Arrows has been secured after the club exercised the prerogative they had of the first option over the player.
Phiri initially signed a one year deal with Golden Arrows. But after impressing coach Clinton Larsen Golden Arrows have given the gritty midfielder another two years at the club.
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