Published: 29 January 2014

Canadian based firm Caledonia Mining Corporation has complied with Government's directive for local mines to sell their gold to Fidelity Printers in a bid to stop the export of unprocessed gold.

In a statement, the firm said its Gwanda based Blanket gold mine had sold gold worth US$3,8 million to Fidelity.

"Blanket's terms of trade with Fidelity will result in Blanket receiving 98,5 percent of the value of the gold within a maximum of 7 days of sale to Fidelity," the firm said.

The Finance Minister Patrick Chinamasa last year announced that all gold produced in the country would be sold to Fidelity printers which would be responsible for the refining and marketing of the mineral. Fidelity Printers resumed operations in December, after stopping its mills in 2007 after gold output hit a record low of three tonnes in eight years.

Since then, Zimbabwe has been sending its bullion for refinery and marketing to Rand Refinery of South Africa.

The resumption of gold refining will pave way for Zimbabwe's re-admission to the London Bullion Marketing Association.
- bh24

You might also want to read this

• Caledonia still to use $4m overdraft facility
• Muchinguri claims $1 million defamation damages from Daily News
• Tourism recovery drives Dawn revenue
• Dawn revenue up 27%
• Dawn declares $0.275m dividend
• Caledonia to regain 80% stake in Blanket Mine
• Caledonia cash flow up 296%
• Caledonia targets 80 000 ounces by 2021
• Caledonia plans Zimbabwe expansion
• Moyo in New York on a Wall Street charm offensive