VICTORIA FALLS — Zimbabwe’s gold production is expected to increase by 35% to 15 tonnes this year but shortages of funding and electricity and high production costs will continue to stifle higher growth in the sector, a mining chamber official said on Friday.
Victor Gapare, former president of Zimbabwe’s Chamber of Mines said the gold sector would need US$1 billion a year to increase production to 50 tonnes in the next five years.
“The 2011 production is expected at between 12 to 15 tonnes, an increase of 35%. As our short to medium- term target, we believe gold production should be at 20 tonnes a year,” Gapare told an annual meeting of the mining chamber. — Reuters
