{"id":4789,"date":"2024-10-07T11:14:59","date_gmt":"2024-10-07T11:14:59","guid":{"rendered":"http:\/\/zimgbcnews.co.zw\/?p=4789"},"modified":"2024-10-07T11:15:02","modified_gmt":"2024-10-07T11:15:02","slug":"zimbabwes-gold-production-rises-but-remains-below-last-years-figures","status":"publish","type":"post","link":"http:\/\/zimgbcnews.co.zw\/?p=4789","title":{"rendered":"Zimbabwe&#8217;s Gold Production Rises but Remains Below Last Year&#8217;s Figures"},"content":{"rendered":"\n<p><br>Business Correspondent<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Zimbabwe&#8217;s gold production increased by 23.9% in the second quarter of 2024 compared to the first quarter, but still lags behind last year&#8217;s figures, according to the Zimbabwe National Statistics Agency (ZIMSTAT).<\/p>\n\n\n\n<p>&#8220;The output index for gold was 118.2, compared to 95.3 recorded in the first quarter, reflecting a quarter-on-quarter percentage increase in production of 23.9%,&#8221; stated the ZIMSTAT report.<\/p>\n\n\n\n<p>However, the year-on-year comparison shows a decrease in the index of 3.9% from 123.0 recorded in the second quarter of 2023.<\/p>\n\n\n\n<p>Zimbabwe&#8217;s mining sector is highly diversified, with nearly 40 different minerals, including gold, platinum, coal, nickel, chrome, diamonds, black granite, copper, asbestos, and silver. The sector generated US$5.1 billion in 2021 and US$5.6 billion in 2022.<\/p>\n\n\n\n<p>&#8220;The mining sector remains a crucial component of Zimbabwe&#8217;s economy, contributing significantly to the country&#8217;s foreign exchange earnings,&#8221; said Tafadzwa Chimhenga, Economist at the Zimbabwe Economic Society.<\/p>\n\n\n\n<p>Other key minerals showed mixed results:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Platinum output decreased by 6.84% year-on-year.<\/li>\n\n\n\n<li>Diamond production dropped by 2.2% year-on-year.<\/li>\n\n\n\n<li>Coal output declined by 67.8% year-on-year.<\/li>\n\n\n\n<li>Copper production decreased by 1.72% year-on-year.<\/li>\n\n\n\n<li>Lithium production skyrocketed by 1,010.4% year-on-year.<\/li>\n\n\n\n<li>Granite production increased by 319.6% year-on-year.<\/li>\n\n\n\n<li>Nickel output decreased by 12.8% year-on-year.<\/li>\n<\/ul>\n\n\n\n<p>&#8220;The Index of Mineral Production for the second quarter 2024 stood at 150.6, reflecting a year-on-year percentage increase of 3.7,&#8221; said the report.<\/p>\n\n\n\n<p>Experts attribute the decline in gold production to various factors, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Power outages<\/li>\n\n\n\n<li>Equipment shortages<\/li>\n\n\n\n<li>High operating costs<\/li>\n\n\n\n<li>Gold sold in the Black market<\/li>\n<\/ul>\n\n\n\n<p>&#8220;To address the challenges facing the mining sector, the government needs to prioritize investment in infrastructure, provide support for small-scale miners, and streamline regulatory frameworks,&#8221; added Chimhenga.<\/p>\n\n\n\n<p><strong>Zim GBC News\u00a92024<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business Correspondent Zimbabwe&#8217;s gold production increased by 23.9% in the second quarter of 2024 compared to the first quarter, but still lags behind last year&#8217;s figures, according to the Zimbabwe&hellip; <\/p>\n","protected":false},"author":1,"featured_media":4790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-4789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/4789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4789"}],"version-history":[{"count":1,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/4789\/revisions"}],"predecessor-version":[{"id":4791,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/4789\/revisions\/4791"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=\/wp\/v2\/media\/4790"}],"wp:attachment":[{"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4789"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/zimgbcnews.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}