https://en.sputniknews.africa/20240917/zimbabwe-seeks-to-capitalize-on-soaring-global-gold-demand-1068314770.html
Zimbabwe Seeks to Capitalize on Soaring Global Gold Demand
Zimbabwe Seeks to Capitalize on Soaring Global Gold Demand
Sputnik Africa
Last April, Zimbabwe's central bank launched a new gold-backed "structured currency," the ZiG, in an effort to combat high inflation and stabilize the... 17.09.2024, Sputnik Africa
2024-09-17T17:35+0200
2024-09-17T17:35+0200
2024-09-17T18:21+0200
sub-saharan africa
economy
zimbabwe
gold
zimbabwe gold (zig)
gold miners
mining
de-dollarization
development
southern africa
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Zimbabwe's Ministry of Mines and Mining Development has launched a nationwide initiative, "2024 Second Gold Mobilization," to boost gold production and revenues. The goal is to increase production from 33 tonnes in 2023 to 39 tonnes in 2024, driven by expansion and high prices. This will help generate over US$3 billion in revenue this year.The initiative focuses on maximizing compliance and efficiency across all mining operations, with the aim of reaching 95% capacity utilization in 2024.The program will cover all eight provinces, working with miners of all sizes to increase gold production and capitalize on high global demand.Zimbabwe seeks to combat the illegal gold trade by channeling all gold exports through Fidelity Gold, a government-owned entity responsible for purchasing, refining, and selling gold produced by local miners, to maximize revenue and support the currency.
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economy, zimbabwe, gold, zimbabwe gold (zig), gold miners, mining, de-dollarization, development, southern africa, market
economy, zimbabwe, gold, zimbabwe gold (zig), gold miners, mining, de-dollarization, development, southern africa, market
Zimbabwe Seeks to Capitalize on Soaring Global Gold Demand
17:35 17.09.2024 (Updated: 18:21 17.09.2024) Ekaterina Shilova
Writer / Editor
Last April, Zimbabwe's central bank launched a new gold-backed "structured currency," the ZiG, in an effort to combat high inflation and stabilize the country's long-floundering economy.
Zimbabwe's Ministry of Mines and Mining Development has launched a nationwide initiative, "2024 Second Gold Mobilization," to boost gold production and revenues. The goal is to increase production from 33 tonnes in 2023 to 39 tonnes in 2024, driven by expansion and high prices. This will help generate over US$3 billion in revenue this year.
The initiative focuses on maximizing compliance and efficiency across all
mining operations, with the aim of reaching 95% capacity utilization in 2024.
The program will cover all eight provinces, working with miners of all sizes to increase gold production and capitalize on high global demand.
Zimbabwe seeks to combat the illegal gold trade by channeling all gold exports through Fidelity Gold, a government-owned entity responsible for purchasing, refining, and
selling gold produced by local miners, to maximize revenue and support the currency.
