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Gold, diamonds to drive mining growth

THE value for mineral production for the first 10 months of the year stood at US$1,56 billion with gold and platinum being the major contributors, according to the Chamber of Mines of Zimbabwe (CMZ)

BY VICTORIA MTOMBA

The CMZ statistics also show that gold stood at 12 363 kilogrammes (kg) and US$501 608 156 was realised during the 10-month period. Platinum came second best realising US$421 384 762 during the period under review from an output of 10 367kg.

Palladium was number three in terms of value at US$190 289 885 from an output of 8 4449 tonnes while nickel was at fourth position having realised US$171 649 505 from an output of 14 068 tonnes.

High carbon ferrochrome had an output of 138 518kg  realising US$133 542 677 during the ten month period.

Total gold output for the first eleven months of 2013 amounted to 12 914 kgs, compared to 13 650kgs produced during the comparative period in 2012, representing a 5,4% decline.

The under-performance of gold in 2013  was attributed to the accident that occurred at Freda Rebecca, escalating operational costs, unreliable power supply, and falling international gold prices, reaching a low of US$1 198 per ounce in June 2013.

The country is expected to record 15 000kg of gold this year, an increase of 7,1%.
Nickel output is expected to be at 15 020 tonnes, platinum 14 000 tonnes and palladium is expected to be at 11 200kg.

The mining sector is projected to grow by 11,4%, on the back of planned investments, driven by strong performance in gold, diamonds, nickel and coal.

The performance is expected to be driven by capital injection  by mining houses, rebound in international gold prices as well as production rump-up at Freda Rebecca Mine.

3 Responses to Gold, diamonds to drive mining growth

  1. mageja siziba December 21, 2014 at 4:21 pm #

    Our gold industry should be at 300t/p.a. instead of the meazely 12 tons at present. The coal sector should easily be on 80m tons/p.a. rather than the current 2m-4m tons. Annual iron-ore output should also be at similar levels as coal. This is the challenge we are putting before the recently unveiled leadership team of the two VPs in ZANU PF. Both understand that we are our own economic liberators with the support of outsiders for infrastructure, and technology. We cannot continue to be poor in the presence of so much resources in the country.

    Pliz, guys, come up with mega investment proposals to convert our coal reserves into oil as Secunda has done in S.A. All that Lupane and Hwange gas should be turned into fuel & industrial chemicals including fertilizers & electricity. We can always build our gold reserves as bullion with the RBZ as part of our Sovereign Wealth Fund.

  2. davarius December 23, 2014 at 9:02 pm #

    Mageja…stop this nonsense….the west and sanxtions are to blame….our government officials also need better pay ro work better…they need more benefits…..but the people are against that…pres,commander in chief,zanu elect,robert mugabe has been fighting the west fpr so long…you dony have solutikns so shut up!

    • martz December 25, 2014 at 9:09 am #

      go hang doomsayer!!!!

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