Thursday, January 24th 04:22 PM IST

Zimbabwe seeks LBMA reentry with Gold production hike

# Zimbawe gold  # LBMA  # gold price  

According to country's Chamber of Mines, country's gold output rose 13,4 percent last year to 14 742kg from 12 992kg a year earlier, but fell short of the targeted 15 000kg.

HARARE(BullionStreet): Seeking reentry into LBMA, Zimbabwe improved it's gold production by 13 percent this year but fell just short of set target.

According to country's Chamber of Mines, country's gold output rose 13,4 percent last year to 14 742kg from 12 992kg a year earlier, but fell short of the targeted 15 000kg.

The Chamber of Mines in a statement said Gold revenues were up 18,9 percent to $782,75 million from the previous comparable period.

The chamber, which represents Zimbabwe’s miners, said the sector requires as much as $1 billion to achieve 50 000kg over a five-year period.

Zimbabwe is seeking readmission on the London Bullion Market Association, a London-based trade association that represents the wholesale market for gold and silver.

Zimbabwe was disqualified from LBMA due to successive declines in gold production triggered by economic challenges and poor economic policies which resulted in many gold mining companies closing down.

At its peak in 1999, Zimbabwe produced 27 tonnes of gold, but output declined to a record low of 3 000kg in 2007 as a result of the economic recession and mine closures.

Zimbabwe is set to benefit from a projected bull run of the yellow metal this year. Global gold prices have risen for 12 consecutive years, positioning it as one of the longest-running bull markets in history.

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