Zimbabwe's gold production in 2022 hits a new record

Zimbabwe’s gold production in 2022 hits a new record

Production was 19.5 percent higher than last year’s production, the state newspaper Herald reported Tuesday, citing statistics from the country’s only gold buyer, Fidelity Gold Refineries.

“The incentives are paying off to the extent that the industry’s viability depends on maintaining the incentives to unlock more value,” Peter Magaramombe, CEO of Fidelity Gold Refineries, told the daily.

In 2022, the Zimbabwean government gave an incentive to large-scale prospectors who exceeded their average monthly deliveries by paying them 80 percent in foreign currency for the extra output, Xinhua news agency reported.

Previously, large-scale gold producers kept 70 percent of their export earnings in foreign currency.

In addition, the government stipulated that large-scale gold producers qualifying for the 80 percent threshold would be entitled to export the extra gold directly to allow them to secure financing and gold loans to improve production.

Gold, alongside tobacco leaf and platinum, is one of Zimbabwe’s main sources of foreign currency income.

disclaimer: This story was automatically put together by a computer program and was not created or edited by FreshersLIVE.Publisher : IANS Media

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