Gold deliveries to Fidelity Gold Refinery (FGR) fell 20% to 6.194 in the first quarter of 2023 from the same period in 2022 when deliveries were 7.694 tonnes.
This has been attributable to heavy rains which affected mining.
Speaking to <a href="https://businesstimes.co.zw/zims-gold-deliveries-plunge/">Business Times</a>, FGR general manager Peter Magaramombe said despite the plunge in gold deliveries in the first quarter of this year, there were some improvements in March. He said:
<blockquote>
Gold output has declined for the first quarter ended March 31 2023 to 6.194 tonnes from 7.694 tonnes during the comparable period last year due to heavy rains during the first two months of the year.
As you can see, gold deliveries increased to 2.4 tonnes in March 2023 from 1.89 tonnes in February this year.
Though deliveries are still in the negative compared to the same period, there were positive steps in the right direction in March.
</blockquote>
He said small-scale gold miners, who contributed over 60% of the total gold production, were especially affected by rains.
Large-scale producers delivered 2.762 tonnes while small-scale miners delivered 3.431 tonnes to FGR during the first quarter of 2023.
Gold is Zimbabwe’s largest export, and in 2020, the country sold US$2.14 billion worth of gold, ranking it 35th among the world’s gold exporters.
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Gold Deliveries To Fidelity Fall

State-owned gold buyer, Fidelity Gold Refinery (FGR), has projected gold deliveries to reach 40 tonnes in 2023 mainly due to new gold mining projects coming into production.
FGR general manager Peter Magaramombe told the <a href="https://www.theindependent.co.zw/local-news/article/200006940/gold-deliveries-to-hit-40t">Independent</a> that the company received 35 tonnes of gold in 2022, an increase of 18.9% from the same period in 2021. He said:
<blockquote>
We have projected the gold deliveries in 2023 to reach 40 000 kg, an increase of 4 700 kg or 13.4% on 2022 gold deliveries.
</blockquote>
Magaramombe said additional gold buying centres will be opened in active regions. He added:
<blockquote>
FGR will continue to provide a competitive pricing framework benchmarked to the London Bullion Market Association (LBMA) prices at a discount of 5%.
</blockquote>
He also said the FGR will continue to offer United States dollar (USD) spot cash payments for gold lodgements.
This will be done to ensure that small-scale gold producers are not financially constrained.
Magaramombe said in 2021, gold miners delivered 29 664kg, increasing the deliveries in 2022 by 5 616kg with a total of 35 280kg delivered during the year. He said:
<blockquote>
The highest gold receipts were experienced during the third quarter of 2022 (9 680kg) and the fourth quarter (9 618kg).
This and the general surge in gold receipts could be attributed to several factors.
The accessibility of working areas (shafts) by small-scale miners as the water table lowers during the third and fourth quarters.
The incidence of maturing projects for large-scale mines having the effect of new additional gold receipts by FGR.
</blockquote>

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