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2024
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Zimbabwe gold production down 15% in 2023
According to the Mining.com website citing Reuters, Zimbabwe's official data released on Monday showed that the country's gold production in 2023 was 30 tons, down 15% from the previous year, mainly due to power outages and exchange rate fluctuations affecting production.
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According to the Mining.com website citing Reuters, Zimbabwe's official data released on Monday showed that the country's gold production in 2023 was 30 tons, down 15% from the previous year, mainly due to power outages and exchange rate fluctuations affecting production.
The southern African country used to be one of the continent's top gold producers, but its output has fallen far behind Ghana, Mali, Burkina Faso, Guinea and Tanzania due to the economic crisis.
The level of exploration in Zimbabwe is low, and concerns about government policies and mineral rights make it difficult to finance mines, especially after the confiscation of white farms in the early 2000 s.
In 2008, affected by the political crisis and hyperinflation, Zimbabwe's gold production was only 3 tons. Although production has rebounded in recent years and reached a record level of 35 tons in 2022, it still lags behind the major gold producers in Africa, despite its huge potential.
Statistics from Zimbabwe's only gold processing company, the state-run Fidelity Gold Smelter (Fidelity Refineries), show that the country's output of 30.11 tons in 2023 is lower than the government's forecast of 40 tons.
Zimbabwe's gold producers and all exporters in the country lost more than 80 per cent last year alone, with 75 per cent in US dollars and the rest in national currency.
The country also suffers from frequent power outages due to frequent breakdowns at aging coal-fired power plants, while the Kariba hydroelectric plant has also been plagued by low water levels.
Most of Zimbabwe's gold is produced by small operators and artisanal miners, which are scattered, small-scale and inefficient.
The country's largest gold producers include the state-owned Kuwemba Mining Company (Kuvimba Mining House), Caledonian Mining Company (Caledonia Mining Corporation), Pandenga (Padenga) and RioZim (RioZim).
Source: China Mining Network(Mineral Resources Committee)
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2024-02-10
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