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According to a report by Reuters cited by Mining.com, Zimbabwe's official data released on Monday shows that the country's gold production in 2023 was 30 tons, a 15% decrease from the previous year, mainly due to power outages and exchange rate fluctuations affecting production.

This southern African country was once one of the largest gold producers on the continent, but due to the impact of the economic crisis, its production has fallen far behind Ghana, Mali, Burkina Faso, Guinea, and Tanzania.

Zimbabwe has a very low level of exploration, and concerns about government policies and mining rights have made financing for mining operations difficult, especially after the seizure of white-owned farms in the early 2000s.

In 2008, due to political crisis and hyperinflation, Zimbabwe's gold production was only 3 tons. Although production has rebounded in recent years, reaching a record level of 35 tons in 2022, it still lags behind major gold-producing countries in Africa, despite its huge potential.

Statistics from Zimbabwe's only gold processing company, the state-owned Fidelity Refineries, show that the country's production of 30.11 tons in 2023 was below the government's expectation of 40 tons.

In Zimbabwe, 75% of the income of gold producers and all exporters is in US dollars, while the rest is calculated in local currency, with losses exceeding 80% in just the past year.

The country also frequently experiences power outages due to frequent failures of aging coal-fired power plants, and the Kariba hydroelectric station has been troubled by low water levels.

Most of Zimbabwe's gold is produced by small operators and artisanal miners, which are relatively dispersed, small in scale, and inefficient.

The country's largest gold producers include the state-owned Kuvimba Mining House, Caledonia Mining Corporation, Padenga, and RioZim.

　　Source: China Mining Network(Mineral Resources Commission)