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Zimbabwe - Monthly Economic Review - November 2014

02-Apr-2015

Zimbabwe continues to experience growth in gold production driven by small scale miners despite a fall in gold prices on the international market. Cumulative gold deliveries for January to November 2014 increased by 6.36 percent to 12.32 tonnes compared to the same period in 2013. On a year by year basis, total gold deliveries increased by 17.15 percent to 1205.37 kg in November 2014, with deliveries by primary producers declining by 5.26 percent to 784.54 kg in November 2014, whilst deliveries by small-scale producers increased by 109.63 percent to 420.83 kg in November 2014. Cumulative total mining earnings (excluding diamonds) for the nine months to September 2014 amounted to USD 1.41 billion, showing a 5.59 percent decrease compared to the same period in 2013. This decrease can be attributed to the poor performance of commodity prices on the international market. Gold was the major contributor to total revenue, accounting for 31.77 percent whilst platinum contributed 27.50 percent of the total mining earnings. The Zimbabwe Mining Revenue Transparency Initiative (ZMRTI), launched in September 2011 will be resuscitated in order to enhance transparency and accountability in the sector to curb revenue leakages in the mining sector.

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