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
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.
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.