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SA mining tycoon says may Pay Suppliers in Gold As
Metallon Corp. is considering paying miningequipment suppliers in gold because a cash shortage in Zimbabwe is hampering its plan to expand output Chief Executive Officer Mzi Khumalo said.
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Mining is the single largest earner of foreign currency in Zimbabwe making up 62 per cent of total exports in 2016. According to local media the Reserve Bank expects gold deliveries to reach 25
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As a result the mining sector is projected to grow by 161 percent in 2019 and a further 153 percent in 2020 benefiting from strong performances mainly in gold diamonds chrome and coal.
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Gold mining in the Central City District decreased rapidly between 1900 to 1920 as the veins were exhausted. Mining revived in the early 1930s in response to the increase in the price of gold from $20 to $35 per ounce but then virtually shut down during World War II when gold mining was declared nonessential to the war effort.
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