Small-scale miners continue to lead in gold production

SMALL-scale miners continue to lead in gold production, which saw the sector producing 57 percent of the gold during the 2023 fourth quarter, the national statistics agency, ZimStat has said.

According to the agency, the statistical release presents quarterly Indices of Mineral Production (IMP) for the period 2019 to the 4th quarter of 2023.

Also encompassed in the report is the annual IMP for the period 2019 to 2023, derived as the average of the four quarters of the year. The base year is 2019 and the production is set at 100.

Construction of the IMP is based on administrative data obtained from the Ministry of Mines and Mining Development.

The Laspeyres Index formula was used in compilation using 2019 as the base year, in line with the United Nations’ International Recommendations for the Index of Industrial Production (IRIIP), 2010.

For the 4th quarter of 2023, the Index of Mineral Production was 134,7, reflecting a year-on-year percentage decrease of 9,8 compared to the index value of 149,3 recorded in the 4th quarter of 2022.

In her presentation for the 2023 fourth quarter dissemination of index of mineral production (IMP) and transport statistics, ZimStat statistician Mrs Charity Kumalo said the output index for gold in the fourth quarter of 2023 was 117,7 compared to 127,4 recorded in 3rd quarter of 2023.

She said this reflected a 7,6 quarter-on-quarter percentage decrease in production, with the year-on-year comparison showing a decrease from 145,4 recorded in the 4th quarter of 2022 to 117,7 in the 4th quarter of 2023.

“Of the 8 198kgs of gold produced in the fourth quarter of 2023, large-scale producers, small-scale producers and secondary producers contributed 34 percent, five percent and seven percent respectively,” she said.

Gold has remained one of the major foreign currency earners for Zimbabwe and the sector has proved to be strategic to the mining industry and the national economy at large.

According to the country’s exclusive buyer of gold, Fidelity Gold Refinery (FGR), gold deliveries dropped by 14,7 percent to 30,1 tonnes in 2023 compared to a record high of 35,3 tonnes in 2022.

FGR’s production update for last year indicates that small-scale miners, who traditionally produce the majority of the gold, again maintained momentum in 2023, delivering 18,7 tonnes.

She said the platinum sector output index which is facing global softening of metal prices was 141,9. The year-on-year index increased by 4,1 percent from the 2022 fourth quarter value of 136,3.

The quarter-on-quarter index increased by 0,4 percent from 141,3 recorded in the 3rd quarter of 2023.

Diamond recorded an output index of 266,5 during the quarter under review compared to 331,1 in the 4th quarter of 2022, resulting in a year-on-year percentage decrease of 19,5 and a quarter-on-quarter percentage increase was 19,8.

“Coal recorded an output index of 95,4 in the 4th quarter of 2023. Year-on-year index comparison reflects a percentage decrease of 78,7 from 338,2 recorded in the 4th quarter of 2022. Quarter-on-quarter analysis shows that the output index reduced by 70,6 percent from 325,1 recorded in 3rd quarter 2023,” said Mrs Kumalo. —chronicle.co.zw