Fidelity eyes 40 tonnes gold

Fidelity Printers and Refiners is eyeing a 40-tonne gold delivery to the firm by miners riding on a cocktail of measures that include incentives the Government has put in place for both small-scale and large-scale miners.

The company’s general manager, Mr Peter Magaramombe said they had since received 18,9 tonnes of gold by end of July alone this year against 12,9 tonnes they got during the same period this year.

Mr Magaramombe was addressing legislators and Mining stakeholders this morning during a workshop on the gold production value chain in Kariba.

“The increase in gold deliveries was due to several key factors like large scale mine incremental gold incentives scheme. Large-scale miners are paid 60 percent foreign currency and 40 percent local currency for gold deliveries. A miner is entitled to an 80 percent foreign currency retention for incremental gold production. The incremental gold is based on the year 2020 average monthly delivery to Fidelity Printers and Refiners for the past five years. For example, if a miner has been producing and delivering 80 kgs, on
payment, he is entitled to 60 percent of the foreign currency component. If the same miner increases his gold production and delivery to say, 100 kgs, they are entitled to retain 80 percent of the foreign currency in respect of the additional 20kg. The miner can choose to export the incremental gold to a destination of his choice and Fidelity Printers and Refiners will facilitate the exporting process,” said Mr Magaramombe.

Over the years the annual gold deliveries have been fluctuating around 29 tonnes and 32 tonnes.
The Zimbabwe Anti Corruption Commission Commissioner John Makamure said in fighting gold leakages and crime prevention awareness was key.

He said there was also a need for a legal framework that protects whistle-blowers and witnesses to crimes as some of the cases were collapsing after witnesses develop cold feet.

Zimbabwe Deputy Police Commissioner General responsible for operations Learn Ncube said some mining hotspots and gold rushes had been a major source of illegal mining.

He said from January to date, they had arrested 34 631 illegal miners compared to 28 353 during the same period last year.

He bemoaned the lack of resources for law enforcement agencies in effectively dealing with illegal miners coupled with borders that he said were porous.-The Herald