• Business model as medicine

    Revisiting your business model is a useful way to revive your business, says Ian Mann.

  • No sugar-coated pill

    The cost of uninformed medical consent runs into billions, says Mandi Smallhorne.

  • Greek tragedy

    Athens' relations with the EU was an accident waiting to happen, says Leopold Scholtz.

See More

Zim gold output up but falls below target

Jan 23 2013 11:45 *Malcom Sharara

Zimbabwe's gold production for 2012 failed to reach its 15 000kg target.

Related Articles

Zim mines $1.6bn worth of minerals

US diamond official urged to resign

Mugabe circle loot diamonds - report

Shabangu: Stop sanctions on Zim diamonds

Zim's pro-black laws scare off investors

Metallon Gold risks losing Zim licence

Harare - Zimbabwe's gold turnover in 2012 rose 18.94% to US$782.75m from the comparable year ago period, but failed to meet the targeted output of 15 000kg after production amounted to 14 742.99kg.

According to figures from the Chamber of Mines, total gold output rose 13.47% from 12 992kg in 2012 led by robust production in July, August and October. 

Monthly average production was 1 228.53kg. The major gold producing mines reported record production for the year on the back of improved investment into exploration.

Platinum production was at 10 524kg, a decrease of 2.79% from the comparable year ago period.  As a result, the value fell to $464.51m to $538.27m last year, a 13.7% drop. Platinum was forecast at 12 900kg.

Platinum miners last year scaled down production owing to a sharp increase in production costs, attributed to the hike in mining fees and ballooning input costs against falling global prices. 

Platinum prices were weak due to a slowdown in the automotive industry.

Total mineral production, excluding Hwange Colliery figures for coal, was at $1.863bn. Last year the country’s mineral production amounted to $2.01bn. This means 2012 mineral production fell below that of 2011.

High carbon ferrochrome turnover amounted to $156.75m, at 137 534 tonnes below the targeted 155 000t. Chrome production was at 408 475t at $48.96m. Most chrome mines are under care and maintenance owing to the low prices currently prevailing in the sector and high operating costs.

The output of nickel, mainly a byproduct of platinum mining, was at 7 898t with a value of $112.35m. Nickel production is expected to touch 25 000t in 2016.

According to projections, if $5bn is invested in the mining sector platinum production is expected to reach 21 000kg in 2016, while gold output will rise to 50 000kg. 

 - Fin24

*Malcom Sharara is Fin24's correspondent in Zimbabwe. 

zimbabwe  |  mining



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Fin24 has teamed up with Ian Mann, ace business book reviewer and author of the best-selling book “Managing with Intent,” to host the second Best Business Books Breakfast of the year where Ian will show you how to lead and attract.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Facebook as a tool for small business is:

Previous results · Suggest a vote