Fidelity Refinery reported a significant rise in gold sales, reaching 3,400kg in August, up from 2,495kg in July. This represents a 36% increase from the previous month and a 27% year-on-year growth from August 2023.
The surge is largely attributed to small-scale miners, who have been buoyed by the recent removal of VAT on gold sales. Small-scale miners now contribute 70% of the gold sales, driving this substantial growth.
In July, gold sales to Fidelity saw a 33.5% increase from June, with totals climbing from 2,618kg to 3,495kg. Small-scale miners delivered 2,343kg, marking a 45% increase from June, while larger producers contributed 1,151kg, up 15% from the previous month. Small gold producers account for 67% of Zimbabwe’s gold sales, underscoring their pivotal role in the sector.
