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Zimbabwe Gold Output Help Spur Overall African Gold Deliveries

Gold output from small-scale producers in Zimbabwe have helped the African country's overall deliveries to rise for November by contributing over 50 per cent to total output, according to a recent report by the African Development Bank (AfDB).

This, as deliveries from Zimbabwe's primary gold producers fell in the same period.

The AfDB report said small-scale gold producers have registered a noticeable increase in gold production since the beginning of the third quarter.

Total gold delivered by the small-scale miners grew from 126.5 kilogrammes in June 2011 to 388.1 kilogrammes in October 2011. Gold deliveries from September to October 2011 likewise increased by 49 per cent.

The AfDB said deliveries of the yellow metal by the primary producers plummeted by 11 per cent in October to 770.2 kilogrammes due to difficulties including power cuts and under capitalisation.

Gold mining has played a significant part in the country's total export receipts, generating at least $334.2 million for the country in 2010. Production volume increased by 93.7 per cent to 9,620 tonnes in 2010.

By 2013, Zimbabwe expects gold to contribute $823 million to its coffers.

In 2011, production is projected to increase to 13,000 tonnes.

Currently, Zimbabwe's gold producers are working at 44 per cent capacity, taking advantage of the buoyant global prices of the yellow metal.

Read more:

Global Demand for Gold No Signs Yet of Wavering

China's Gold Output Up 3.87%

Japan's Gold Export Reached 96 MT in End-October, Will Reach 100 MT in 2011

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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