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Mining News May 21, 2024 08:40:35 PM

Miners Asked to Boost Gold Output to Support New Currency

Paul Ploumis
ScrapMonster Author
It must be noted that the country has been adding gold to its central bank gold reserves during recent times, in order to back the ZiG.

Miners Asked to Boost Gold Output to Support New Currency

SEATTLE (Scrap Monster): The Zimbabwean government has urged miners in the country to boost gold output to support the newly launched currency ZiG.

In a meeting with miners at the capital city of Harare, the Mines and Mining Development Minister Winston Chitando reminded that new ways must be devised to increase gold output as the new currency is anchored on gold production. It must be noted that the country has been adding gold to its central bank gold reserves during recent times, in order to back the ZiG.

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Earlier in 2022, the Zimbabwean administration had passed an order, asking miners to pay their state royalties, partly in cash and the balance in the form of commodity, with the aim of boosting its gold reserves.

The Minister added that the government intends to encourage artisanal and small-scale miners to produce more gold with medium- and large-scale miners. He noted that the gold production by medium- to large-scale miners witnessed significant jump when compared with the corresponding quarter a year before. The country targets to achieve 40 tonnes of produced gold this year, substantially higher from the production of just over 30 tonnes recorded in 2023.

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