Gold deliveries drop 22% in February

Zim Now Writer

Gold deliveries to Fidelity Gold Refinery dropped 22 percent in February as compared to January 2024 with 1.85 tonnes as compared to 2.38 tonnes delivered in January.

The artisanal and small-scale mining sector, which traditionally produces about 60 percent of the country’s overall gold output, registered a decline in production.

On the other hand, large-scale producers, with 988.7kg, which represents 53 percent of the total for the period under review, outperformed small-scale producers who delivered 864.3kg or 47 percent.

Small-scale miners delivered 1 266.51kg in January.

From an annual perspective, 1.85 tonnes were delivered in February 2024, which is 2.2 percent drop from the 1.89 tonnes achieved at the same period last year.

Ironically, production in the small-scale sector, which traditionally does not peak during the rainy season, fell despite the little to no rainfall recorded in most parts of the country during the period.

One of the country’s major foreign currency earners, gold was projected to reach 40 tonnes last year, a target that has been missed over the past few years, owing to power supply challenges.