Mnangagwa Government Seeks Investors To Revive Mines As Multibillion Dollar Gold Industry Remains Unexploited in Zimbabwe – Reserve Bank Governor

By Crimson Tazvinzwa
Zimbabwe has the capacity to produce and process in excess of 13 million tonnes of gold; enough to make the Southern African country second largest in gold reserves in Africa; and generating the much needed forex.
Governor of Zimbabwe’s Reserve Bank, John Mangudya, revealed the Southern Africa nation has the potential to receive four billion dollars a year from exports of the precious metal if it is fully exploited.

Mangudya said Zimbabwe gold mining has been under-exploited  over the years; not least corruption and mismanagement  of the mining industry – amounting to some 600 tonnes below capacity.

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ZMDC Seeks Investors To Revive Mines As Multibillion Dollar Gold Industry Remains Unexploited in Zimbabwe

He said gold production had its peak in 1999 with 27.1 tons per year only to  plummet to 3.5 tons in 2008, amid the economic crisis the country has gone through under the tyrannical leadership of Robert Mugabe; who was eventually ousted in a bloodless coupe last November.

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Governor Mangudya is confident; with properly regulated investment  Zimbabwe has the potential to overtake Tanzania, the East African country that produces some 50 tons per year…’we have the potential to reach 100 tons every year and that would generate  revenue worth more than four billion dollars at the price of 40 thousand dollars a ton’.

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Sabi Mine, Zimbabwe

The governor said Zimbabwe has assets of quality that need to be exploited to orientate the economy towards exports and increase the hard currency reserves that allow for a much needed economic transformation; for a country that once boasted as the breadbasket of Southern Africa.

Mangudya said the government of Zimbabwe established Corporation of Mining Development of Zimbabwe which regulates the mining sector spread across the country; and overseeing all mining and processing plants. These include Sabi and Jena, with capacity to treat 450 tons of gold/iron per day and that of Elvington, that used to produce 45 kilograms monthly.

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Gold from Sabi Treatment Plant in Zimbabwe

Governor Mangudya said in the first seven months of 2018, production of gold in Zimbabwe rose 72 percent and reached 20.8 tons, compared to just  12.1 tons last year; thereby generating US$850  million in revenue.

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Crimson Tazvinzwa

TEACHER & MEDIA TRAINER

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