Gold deliveries to Fidelity hit 6 tonnes

Published: 22 July 2014

GOLD deliveries to Fidelity Printers and Refiners, the country's sole buyer of the precious metal, hit nearly six tonnes in the six months to June this year, official statistics show.

Gold producers delivered 5,9 tonnes of the bullion, figures from Mines and Mining Development Ministry show.

Large gold mining firms delivered about 4,7m tonnes with the remainder coming from 71 small-scale miners. Deliveries from big producers between May and June, however, declined from about 790kg to 780kg.

From small-scale producers, deliveries went up to 239,3kg from about 232,3kg in May.

Fidelity Printers resumed gold refining in December last year since 2008 and the country will soon be seeking re-admission on to the London Bullion Market Association this year.

Before resuming gold refining, all gold was being exported unrefined and this, among other things, negatively affected the local jewellery industry as it resorted to importing refined gold and silver.

With national deliveries surpassing 10 tonnes in 2012 and 2013, coupled with the resumption of refining, the refinery should be on course for LBMA re-accreditation.

This will be on condition that all the gold being delivered through the formal channels is refined prior to export.

The resumption of refining comes with a number of positives for the country, including providing feedstock for the resuscitation of the local jewellery industry as well as increasing the cost competitiveness of local products on both local and international markets.

Mwana Africa's Freda Rebecca delivered 836,3kg while Metallon Gold Zimbabwe's How Mine delivered 765,1 kilogrammes.

Caledonia's Blanket Mine delivered 729,1 kilogrammes and RioZim's Renco Mine delivered 316 kilogrammes.

State-owned Jena Gold Mines delivered 127kg and Elvington, another State mine, delivered 13kg.
- Martin Kadzere I The Herald

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