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Deputy Minister Fred Moyo

Business Reporter
GOLD deliveries in Zimbabwe dropped 2,74 percent in the first quarter of 2017 compared to the same period in 2016, according to Fidelity Printers and Refineries.

The country’s sole gold buyer reported 4.63 tons deliveries as of March this year compared to 4,71 tons in March 2016.

There was, however, a slight increase of five percent in deliveries between the month of February and March this year.

Small scale miners’ contribution dropped by 0,55 percent in total deliveries while large scale miners recorded a positive of delivery of 10, 9 percent. Small scale miners produced 682,8kgs with a deficit of 3kgs against target while large scale miners recorded an increase of 94,1 kgs.

Commenting on the report, Zimbabwe Miners Federation (ZMF) spokesperson Mr Dosman Mangisi said there was a need to act with speed in capacitating miners in terms of mechanisation programmes, especially those which are being rolled out through support from the Government.

“The current figures are not pleasing and we know the effects of the decline of the deliveries, which was caused by incessant rainfall across the country. The rains affected gold producers both large and small scale. At the same time I want to applaud the Mining Industry Loan Fund under the Ministry of Mines, which has unveiled a model of plant and equipment lease to buy scheme for medium and small scale miners’ mechanisation,” said Mr Mangisi.

“It will complement the already rolling out loan fund under Fidelity Printers and Refiners. We urge gold producers to come in their numbers to our offices and get proper assistance in acquiring loans because in the second quarter we aim to record a positive delivery in order to achieve the 28 tons projected annual target.”

In the first quarter, miners in the country experienced hard times due to floods and continuous rainfall which affected operations.