Monday, 7th June 2004 (2780 views)

Gold exports of at least $119 million have already been achieved in Zimbabwe since the start of 2004, according to latest figures.

The results are seen as a positive response to strategies implemented by the government to boost production and are worth 80 per cent of total sales for the precious metal since the whole of last year, according to The Herald.

In a statement, the Reserve Bank of Zimbabwe commented: "The future of the gold mining sector is brighter and certainly more positive than it was two to three years ago.

"The measures that have been put in place to support gold producers should enable them to increase capacity utilisation while ensuring increased delivery through formal channels."

Included in the moves by the government are increased efforts by security forces on illegal gold traders and tight enforcement of gold trading regulations and rules.

Figures show that production has increased from 28,000 ounces per month to between 56,000 to 72,000 ounces, during the first five months of the year.

Gold is the second largest foreign currency earner for the country and provides at least four per cent to the Gross Domestic Product.

 

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