Monday, July 16, 2012

(TALKZIMBABWE, REUTERS) Zim gold output rises 29 pc

Zim gold output rises 29 pc
This article was written by Our reporter on 16 July, at 13 : 18 PM

Zimbabwe gold output rose 29 percent to 7.2 tonnes in the first six months of this year. The rise generated $377 million in revenue, data from the mining chamber showed on Monday.

The southern African nation’s gold mining sector is recovering from an economic crisis that peaked in 2008 when hyperinflation reached 500 billion percent and forced most mines to shut.

Total gold production for 2011 was 13 tonnes. Output remains well below the 27 tonnes reached in 1999 before the decade-long economic slide.

[Caused by economic sanctions like ZDERA. But you can wait forever until Reuters will even mention the words Zimbabwe Democracy and Economic Recovery Act of 2001. - MrK]

Canada-listed New Dawn Mining and Caledonia Mining , as well as the London-listed Mwana Africa and South Africa’s Metallon Gold are among the gold producers in the country.




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