Zimbabwe has requested that gold miners increase output to support the newly launched Zimbabwe Gold (ZiG) currency. The country has set a target to produce 40 tons of gold this year, up from 30.1 tons last year.
The ZiG currency is backed by 2.5 tons of gold and $100 million, and increased gold output aims to strengthen its stability.
“This new currency is anchored on gold production. We have to determine ways to increase production,” said Mines and Mining Development Minister Winston Chitando. “At this stage, production from medium- to large-scale miners for the first quarter was higher from same period last year.”
To enhance production, the government will encourage artisanal and small-scale miners to increase their output alongside medium- and large-scale miners. Since late 2022, miners have been required to pay part of their royalties to the state in both commodities and cash to bolster gold reserves.