Chitando bemoans gold smuggling

MINES and Mining Development minister Winston Chitando says illicit activities and gold smuggling remain major concerns for Zimbabwe’s gold sector, amid the criminal trade potentially eroding 40% gains in gold revenues.

According to the United Kingdom-based gold market tracker BullionVault Ltd, year to date, gold prices have surged by 40% to US$3 338,19 per ounce for the mineral.

A 2020 investigation by International Crisis Group reported that Zimbabwe is estimated to be losing US$1,5 billion annually to gold smuggling, translating to 22,4 tonnes a year and 1,87 tonnes monthly.

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