Fidelity Printers and Refiners: Gold Deliveries Increased By 21% In May

1 year agoFri, 09 Jun 2023 10:58:02 GMT

Fidelity Printers and Refiners: Gold Deliveries Increased By 21% In May

Fidelity Printers and Refiners has reported a 21% increase in gold deliveries, with 2.9 tonnes delivered in May 2023, compared to April.

Fidelity Printers and Refiners General Manager, Mr Peter Magaramombe said the rise in gold output has been attributed to improved conditions in mines following the rainy season. Magaramombe said:

Deliveries rose 21 percent to 2,9 tonnes compared to April and we expect this trend to continue. As you may recall that the small-scale miners are the largest providers of gold as shown by previous statistics, their operations are mainly affected by the rains. It is a boom for them when the rains subside as they recover that is why you see the recovery.

According to ZBC News, the government’s prompt payments for deliveries have also contributed to the recovery of output.

Zimbabwe Miners Federation President, Ms. Henrietta Rushwaya, is optimistic about increased output and delivery of gold to the Fidelity Gold Refinery. She said hundreds of thousands of small-scale miners are now the biggest contributors to national gold output, with their involvement in mining driving rural industrialization.

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Gold is a key revenue generator and contributor to the country’s economic growth. However, there have been concerns about gold leakages in Zimbabwe, with smuggling and illegal trading depriving the government of much-needed revenue. Early this year, Al Jazeera published the Gold Mafia, an investigation into illicit gold trade and money laundering alleging powerful individuals were involved.

Tendai Biti, a former Finance Minister, claims that Zimbabwe is losing approximately US$1 billion annually due to gold leakages.

Zimbabwe’s abundant mineral deposits have not translated into economic development due to corruption and mismanagement by political elites, analysts say. The lack of transparency in resource management has enabled powerful individuals to exploit resources for personal gain, rather than the good of the country.