GOVERNMENT CONFIDENT OF GOLD SUPPORT PRICE EFFECTIVENESS
Written by yafmnews on May 16, 2019
The Mines and Mining Development Ministry says the gold support price initiative is a reflection of government’s commitment to creating a conducive working environment for the country’s productive sectors.
Mines Minister Winston Chitando told the media that the ministry is confident of the current measures and their effects on viability.
Zimbabwe Miners Federation Chief Executive Officer Wellington Takavarasha emphasized the need for continuous review of the gold supply price inline with the prevailing economic conditions.
In a bid to bring back confidence and profitability to the mining sector, the country’s sole gold buyer Fidelity Printers and Refiners has introduced a gold support price US$44 000 per Kilograms and US$1 368.55 an ounce.
Government has set a target of 40 tonnes for the gold mining sector up from 2018’s 33.2 tonnes.