The Herald (Harare)

Zimbabwe: Gold Spurs Mineral Output

Zimbabwe has produced minerals worth US$1 603 billion for the 10 months to October this year mainly driven by gold production, statistics from the Chamber of Mines have revealed. Gold production which is forecast to close the year at 15 000 kg for the year under review, was 12 477 kg worth US$657,6 million mainly on the back of increases in exploration activities at some of the country's leading mines.

The Chamber of Mines said Freda Rebecca was now the largest gold producer in the country after it passed its targeted of 72 000 oz annual production.

Investments in exploration at mines such as Blanket Mine, New Dawn mines and Duration Gold have also led to a record gold production this year.

In 2011, the country generated US$2,013 billion from minerals. Platinum production for the ten months was at 9 210 kg, generating US$404,71 million in the process against US$532,27 million total platinum production earned in 2011.

It is believed that the mining industry requires US$10 billion in the next five years to recover.

Currently the mining sector is believed to be contributing 13 percent of the country's gross domestic product (GDP).

Analysts believe if key challenges facing the mining sector such as inadequate capital and energy supply constraints are addressed, mining could contribute as much as 18 percent to GDP by 2015 and well above 25 percent by 2020.

New Ziana

Ads by Google

Copyright © 2012 The Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.