Gold deliveries increased up to 37% in August year-on-year
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Loading... - Robert Noor
- 16 Sep 2024
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Gold deliveries in Zimbabwe saw a significant increase of 37% in August 2024, rising to 3.4 tonnes compared to 2.479 tonnes in the same period last year, according to Peter Magaramombe, general manager of Fidelity Gold Refinery (FGR). Magaramombe attributed this spike to favorable mining conditions, timely payments to miners, and competitive pricing driven by record-high international gold prices.
Cumulative gold output for the first eight months of 2024 reached 20.67 tonnes, up from 19.33 tonnes during the same period in 2023. Of this, 8.53 tonnes were delivered by primary producers, while small-scale producers contributed 12.133 tonnes.
FGR has increased its gold buying centers and relaxed mining regulations to encourage more deliveries. Additionally, the removal of the 15% Value Added Tax and the introduction of incentives have further motivated increased gold production.
With this upward trend, analysts predict Zimbabwe is on track to meet its 2024 target of 40 tonnes of gold output, as efforts continue to boost production and ensure direct deliveries to FGR.
