- Great Basin Gold is conducting a feasibility study for a shallow new gold mine known as the Burnstone project. - Harmony Gold now one of South Africa& 39;s four largest gold-mining companies is spending $300 million to purchase the low-cost Moab Khotsong mine from AngloGold along with the neighbouring Great Noligwa mine and related infrastructure.
In 2016 Zimbabwe’s gold mining sector as a whole consisting of both artisanal and small-scale mining ASGM and large-scale gold mining LSGM contributed 2.6% of gross domestic product GDP 18% of exports 28% of mining output and 1% of government revenues royalties only and employed 7.1% of the labor force.
The main foreign currency earners for Zimbabwe are gold asbestos chrome and platinum. Mines are markets for other sectors of the economy for example engineering firms and agriculture. Development of infrastructure such as water supply and transport networks has benefited other sectors of economy for example agriculture and industries.
Gold mining companies are a major source of income and economic growth with an important role in supporting sustainable socio-economic development. During 2013 gold mining companies contributed over US$171.6bn to the global economy through their production activities and expenditure on goods and services.
Zimbabwe’s gold deliveries in September plunged by 73% to close at 1.36 tonnes from 2.8 tonnes in the comparative period in the prior year owing to rampant smuggling by small scale miners who blamed payment delays being faced by the miners proving the importance of small-scale miners to the economy.
How Zimbabwe’s new fiscal regime impacts on mining sector ... It evinces a mining sector growth which is unhinged from other economic activities. ... Considering wanton violence in artisanal and ...
Gold platinum and diamonds are earmarked to fuel this growth contributing respectively US$4 billion US$3 billion and US$1 billion to the US$12 billion target. If well harnessed the US$12 billion target for mining earnings can be a propeller for socio-economic development post-COVID-19.
Endemic corruption policy contradictions and an unstable economic environment remain the major albatross to the gold sector’s growth prospects. In a desperate bid to curb leakages the government in May this year announced a 100% foreign currency retention threshold incentive for ASGMs.