Zimbabwe Gold Output Helps Spur Overall African Gold Deliveries
Gold output from small-scale producers in Zimbabwe helped the African country's overall deliveries rise in November by contributing over 50 percent 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 kilograms in June 2011 to 388.1 kilograms in October 2011. Gold deliveries from September to October 2011 likewise increased by 49 percent.
The AfDB said deliveries of the yellow metal by the primary producers plummeted by 11 percent in October to 770.2 kilograms 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 metric tons.
Currently, Zimbabwe's gold producers are working at 44 percent capacity, taking advantage of the buoyant global prices of the yellow metal.