Zimbabwe’s gold miners have been paid US$673 million for deliveries of 17.2 tonnes of the yellow metal to Fidelity Printers and Refiners between January and September this year.

The Reserve Bank of Zimbabwe (RBZ) sole gold buying subsidiary has registered a 10 percent rise in gold deliveries for the first nine months of this year compared to the same period last year.

Information gathered by the ZBC News from Fidelity Printers and Refiners (FPR) this Friday indicate 17.2 metric tonnes of gold have been delivered between January and September compared to 15.1 tonnes of the precious commodity in the first nine months of last year.

The trend has resulted in gold payments to the miners increasing from US$604 million last year to US$673 million in the first nine months of this year.

Small scale miners have accounted for more than 60 percent of the total payments on the back of incentives introduced by the central bank.

The recovery in global commodity prices that have seen gold prices increasing to an average of US$1 200 an ounce from an all time low of US$900 an ounce have also resulted in the large scale gold miners increasing output.

From a peak output of 27.1 tonnes in 1999, Zimbabwe’s gold deliveries progressively fell to 3.6 tonnes in 2008 and have been rising again in recent years, reaching 23 tonnes in 2016.

The government has set a gold output target of 25 tonnes this year.