Gold output on the rise

The Chamber of Mines says it is targeting to produce 7 000 to 8000 kgs of gold this year after realising a significant growth in gold output in March.

Zimbabwean gold mines produced 661.8 kgs of gold last month with small-scale miners contributing 17% to the countrys total production, the chamber of Mines revealed.

By year end we want to produce something in the range of 7 000 to 8000kgs. It is possible provided we get necessary support from the government as well as ZESA (Zimbabwe Electricity Supply Authority) , said the Chamber of Mines president, Victor Gapare.

The countrys monthly gold output for March increased by about 30 percent from the previous month. Chamber of mines attributed the increase to continued investment into the sector by the various producers of the precious metal.

Production for March is the highest monthly production recorded for the year to date. This is attributed to continuous investment in rebuilding production capacities. This investment is from revenues generated from production, added Gapare.

The sector continued to face operational challenges such as the failure of banks to provide long term loans to the mining houses and continued powered outages.

Mining companies are unable to access long-term capital to speed up the rehabilitation of current mines and for exploration and development, he added.

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