Zim gold output improves following central bank intervention – report

Zimbabwe's gold output improved last month by 75% to 2,924 tonnes from 1,668 tonnes in May following incentives introduced by the Reserve Bank of Zimbabwe (RBZ), according to the local media.
The Herald newspaper reports that figures released by Fidelity Printers and Refiners (FPR), a subsidiary of the central bank, which is the country's sole gold buyer, show that June’s production was 107% compared with 1,409 tonnes, a year earlier.
"On average, small-scale miners produced 1,7 tonnes of the 2,924 tonnes produced last month,” said Zimbabwe Miners Federation chief executive Wellington Takavarasha.
"The increase may be attributed to the incentives the Reserve Bank through FPR has put in place and also some improvement in the cash flow, thus, their (FPR) price was now commensurate with the international market price."
Zimbabwe produced 9,954 tonnes during the first six months of the year.
Of this, a total of 4,801 tonnes came from the small-scale miners while 5,153 tonnes were delivered by large-scale miners.
During the same period last year, small-scale miners delivered 6,049 tonnes while primary producers contributed 4,561 tonnes. Smuggling, however, remains a major setback with the most gold believed to be smuggled into neighbouring South Africa and Dubai.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished