Zimbabwe's gold refinery received 27 percent more gold during May compared to last year. Fidelity Gold Refinery collected 3,488 kilograms of the precious metal against 2,734 kilograms during the same month previously. Fast payments and government rewards helped attract more miners to official selling channels. Small miners avoided illegal markets because they received money immediately after deliveries. The refinery lowered its minimum reward requirement from 20 kilograms to just 500 grams.
Government policies encouraged miners to use legal gold buying systems rather than black market dealers. Mining federation leaders praised the instant payment system that replaced delayed transactions. Gold prices remained high throughout the period making legal sales more attractive to producers. Young miners could expand their operations because steady cash flow provided working capital for equipment purchases. Zimbabwe produced a record 36.4 tonnes of gold during 2024 exceeding the official target of 35 tonnes.
Large mining companies reopened closed operations to take advantage of strong global gold prices. The precious metal earned Zimbabwe 2.5 billion dollars from exports during the previous year. Mining accounts for over 90 percent of the country's total export revenue making it crucial for economic growth. Total export earnings reached 7.43 billion dollars according to United Nations trade data. Small-scale miners provided three-quarters of all gold deliveries to the refinery throughout the reporting period.
Government policies encouraged miners to use legal gold buying systems rather than black market dealers. Mining federation leaders praised the instant payment system that replaced delayed transactions. Gold prices remained high throughout the period making legal sales more attractive to producers. Young miners could expand their operations because steady cash flow provided working capital for equipment purchases. Zimbabwe produced a record 36.4 tonnes of gold during 2024 exceeding the official target of 35 tonnes.
Large mining companies reopened closed operations to take advantage of strong global gold prices. The precious metal earned Zimbabwe 2.5 billion dollars from exports during the previous year. Mining accounts for over 90 percent of the country's total export revenue making it crucial for economic growth. Total export earnings reached 7.43 billion dollars according to United Nations trade data. Small-scale miners provided three-quarters of all gold deliveries to the refinery throughout the reporting period.
