ZIMBABWE’s gold deliveries FY2023 plunged 14.7 percent from 35 280.1 kg delivered in 2022 to 30 106.7 kg in 2023.
Presenting the 2024 Monetary Policy Statement (MPS), Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu said while gold exports benefitted from higher global prices amid safe-haven demand, they were weighed down by the more significant volume decline caused by lower production during 2023.
“Gold deliveries to Fidelity Gold Refinery (FGR) were 30 106.7 kg during 2023, 14.7% lower than the 35 280.1 kg delivered in 2022,”
“The decline in deliveries was due to reduced output occasioned by power outages and attendant disruptions from heavy rains, which negatively impacted on mining operations during the early months of the year,” he said.
He added that the domestic gold pricing framework, affected by exchange rate misalignments also contributed to the decline in deliveries to FGR from small scale miners.
Mushayavanhu said gold exports also decreased in the same period.
“Gold exports are thus estimated to have declined by approximately 11%, from US$1 997.8 million in 2022 to US$1 784.2 million in 2023,” he said. – (Mining Index)
