Duration Gold is pleased to announce that its first shipment of gold, since recently introduced mining reforms in Zimbabwe, was sent to Rand Refineries in South Africa on Thursday April 2nd.

This shipment, totaling 252kg of bullion, was organised by the Chamber of Mines, who is acting as agents for Zimbabwean gold producers, and included 35kg Au (1,100 oz) of bullion from Duration's Vubachekwe mine.  The Chamber of Mines intends to continue weekly shipments, and Duration plans to ship a further 1,000 oz of gold to Rand Refinery next week.  

Zimbabwe producers are now in a position to sell their gold offshore, at market prices and in exchange for foreign currency. 

Local miners have also been encouraged by recent taxation reforms. The tax rate for mining companies of 15%, with a further 3% of the tax amount for an AIDS levy, to be spent on projects related to the AIDS epidemic (totaling 15.45%), is very much inline with international mining best practices. 

Duration Gold is encouraged by this progress and attributes it to the steady positive impact that the recently formed Inclusive Government is having in Zimbabwe.

This return to rule-of-law and sound economics has also allowed Duration to secure a license from the Minister of Finance, Hon Tendai Biti to act as an independent gold exporter and will, therefore, be able to sell its gold independently.

Duration has now entered into refining and sales agreements with Rand Refinery Limited in South Africa and expects to dispatch gold fortnightly to the refinery. Proceeds from the sales are at London Bullion Market, afternoon close prices, and are typically remitted within 48-96 hours of delivery to Rand Refinery.

Duration has been a leader in re-starting gold production in Zimbabwe.  Mines were kept in a good state of care and maintenance during the shut down period, and more importantly the exceptional core staff team was continued to be supported during this shut down period.  As much as 60tons per month of food from South Africa was imported in order to maintain employees (numbering approx. 1300) during the time of economic melt-down.

The gold mining industry as a whole is excited by this important milestone. Thousands of mineworkers who will now be paid in foreign exchange, and the secondary retail industry which relies on direct and indirect earnings from gold miners will heavily benefit.

Duration aims to steadily increase production and has commenced restart of operations at four of its five gold plants. Duration expects to increase its production from current levels to the medium-term target of >4000oz per month over the next year.