Zimbabwe’s gold miners have responded positively to incentives introduced by regulatory authorities with deliveries to Fidelity Printers and Refiners (FPR) reaching 12 tonnes between January and July this year.
The past seven months have seen confidence in the gold mining sector increasing on the back of export incentives for the yellow metal and a $40 million loan facility for the miners.
With the global pricing models of the commodity on a rebound as evidenced by the current regime where an ounce is being paid for an average of $1200, the trend has also resulted in gold maintaining its top position as Zimbabwe’s main foreign currency earner.
The country’s sole gold buyer, FPR General Manager, Mr Fradrack Kunaka told the ZBC News that while deliveries have increased to 12 tonnes between January and July this year from 10 tonnes the same duration last year, there is need to consolidate profitable conditions for the sector is important.
“There is confidence within the sector and it is now up to the relevant authorities to focus on those systems that unlock value,” said Mr Kunaka.
The small-scale sector continues to grow in its contribution to gold production accounting for about 45 percent of total deliveries.
Zimbabwe is expecting gold deliveries to FPR to reach the targeted 25 tonnes by year end.