Zim seeks to rejoin London Bullion Market as production rises
Zimbabwe is seeking readmis-sion to the London Bullion Market Association (LBMA) after changes in regulations allowed gold producers to increase output.
It is “realistic” that the country be included on the LBMA’s delivery list, says Ian Saunders, chairperson of gold producers at the nation’s Chamber of Mines.
Zimbabwe produced 14 t of gold in 2013, exceeding the 10 t threshold for LBMA entry.
Readmission to the London market, the biggest centre for gold trading, according to the LBMA, will increase Zimbabwe’s ability to sell to global buyers.
The country dropped out of the organisation in 2008 after production had slumped as a result of electricity and chemicals shortages and delayed payments from the central bank, which bought all the metal produced locally.
Producers are now permitted to sell their gold independently, allowing them to be paid directly in US dollars. Companies have also started importing their own power, which means mining operations face fewer disruptions.
Output remains half what it was in the late 1990s. Zimbabwe, ruled by President Robert Mugabe since 1980, produced 27.7 t of gold in 1999, according to the US Geological Survey.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















