MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.
Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.
Gold revenues are expected to surpass US$3 billion in 2024.
Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.
The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.
Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, "It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.
"The global demand for gold is on the increase as the world is turning to gold as a safe haven."
He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.
"The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets," he told the media.
The minister noted that illegal gold extraction and trade undermine Zimbabwe's efforts to reap benefits from its gold resources.
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To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.
He reiterated that Zimbabwe's currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country's sole authorized exporter.
"The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe's national economic development.
"Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.
"To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success," he said.
The gold mobilization exercise aims to increase revenue, create jobs, and combat illegal gold trading.
