Gold set to make economy self-sufficient

THE Reserve Bank of Zimbabwe (RBZ) says the production of about four tonnes of gold a month could help the country’s economy become more self-sufficient.

BY TATIRA ZWINOIRA

John Mangudya
John Mangudya

Speaking to guests at a fundraising dinner hosted by Industry and Commerce minister Mike Bimha in Harare last week, RBZ governor John Mangudya said artisanal miners were critical to the economy.

“I am always proud when I talk about the artisanal miners of gold. In the month of July, the artisanal miners produced more gold than the large-scale producers at 1,2 tonnes which they produced in July versus 930 kilogrammes from large scale producers of gold, that is fantastic. Together, that is two tonnes in the month of July,” he said at the fundraising dinner to raise funds for Bimha’s constituency.

“That is what we call entrepreneurship. Two tonnes of gold, by the way, is about $80 million because a kilogramme of gold is equivalent to about $40 000, so two tonnes is $80 million. So, if we have two, four or whatever tonnes every month, then this economy will become self-sustaining.”

Fidelity Printers and Refiners (FPR) is paying out $15 million on a weekly basis to over 300 000 artisanal gold miners.

Trends from the central bank point to more gold coming from artisanal miners.

The growth of artisanal miners has been reported as an improved gold output by these miners to increased mineral processing technology by its members.

Gold is the country’s main source of foreign exchange through exports followed by tobacco.

Gold deliveries to FPR hit 10 tonnes during the first half of 2017, growing 3,9% compared to 2016’s comparative period. As such, government expects more gold deliveries to FPR are expected in the second half of the year as producers continue to access the gold support facility.

The central bank expects gold deliveries to FPR to reach the targeted 25 tonnes by year-end.


In his mid-term monetary policy statement, Mangudya said the sector was benefitting from the $40 million Gold Support Facility availed by RBZ and administered through Fidelity Printers and Refiners.

As at mid-July 2017, about $30,2 million had been disbursed under the facility.

10 Comments

  1. Well done small-scale miners.

    1. nonsense its just P.R nothing is happening …Go outside and see for yourself no petrol no cash no water …

  2. Mafirakureva weDiaspora

    Well done Makorokoza your contribution to the economy is greatly appreciated, What is left for you to do is to improve safety during your operations.

  3. So why are we still having cash shortages at the banks.

    1. Its only news please get used of that yester-year remember it was diamond kkkkkkkk

  4. Robert Gabriel Matuzvili

    at a huge environmental degradation cots. Those guys just gid all over and do not rehabilitate or attempt to close their holes. nxa!

  5. Dr Dofo at it again!!!! We have always been mining and producing gold!!!!!!!!!!! Stop talking nonsense you idiot Doctor of nothing. Very soon you will tell us about how chibahwe will save our economy. Yesterday it was bond note, then zvihuta and now you see gold as the saviour. We have always mined gold from time immemorial, boot. Do not tell me this was your stupid research that earned you your PHD or whatever doctorate you have?????????

    1. IT STILL MEANS THAT ZANU-PF DO NOT UNDERSTAND MONEY

  6. Doc Mangunja you will leave no stone UN -turned so as to avoid kunyara ,when you introduced bonds papers you ensured the populace there will be no shortage of money in banks and it was a rescue to money shortage hezvo its now waste of time and resource on advertising. You are now talking of so many millions of $ iri kuendepi mari yacho asi mune kwamunoichengeta than banks becoz vanhu vari kunonga svosve nemuromo kumabank kupiwa zvimusumbe zvema bond coin.

  7. Jongwe Rachembera

    The Mugabe royal family will gobble those gold proceeds up to keep them in their lavish lifestyle, especially those two good for nothing boys (prince Chatunga and prince Bob jnr).

Leave a Reply

Your email address will not be published.