Gvt targets 35 tonnes of gold deliveries for 2021

Business Reporter

In line with Government’s earmark for a US$12 billion market value by 2023, with US$4 billion expected from gold production, Government says it is targeting at least 35 tonnes of gold deliveries this year.

According to Fidelity Printers and Refiners (FPR) of the expected 35 tonnes, 20 tonnes of the yellow metal will come from small scale miners.

FPR general manager, Fradreck Kunaka said that the target for gold delivery from small scale miners and nationally was achievable since FPR was paying artisanal miners and small scale miners on the spot.

“As an institution we are targeting 35 tonnes nationally, 20 tonnes will be from small scale miners. On small scale miners we are paying on the spot gold that is 100% United States Dollars at the prevailing gold world market prices.

“Small scale miners are paid as they step in with their gold into FPR, while large scale miners are paid within seven days of delivery,” he said.

He also added that through RBZ, FPR had imported enough cash hence the improvement in payment periods.

On contracting small scale gold miners to buy gold for FPRF this year, FPR said there has not been any significant increase in figures to warrant availing cash to miners to mobilise gold on FPR behalf.

“If there be any need, we will introduce mobile gold buying units so as to enhance buying coverage,” he added.

Over the years artisanal and small-scale gold mining delivered more gold to FPR than large scale mining. Zimbabwe produced 21,44 tonnes of gold in 2016, 24,44 tonnes in 2017, 33,89 tonnes in 2018, 27,589 tonnes in 2019, and 19,05 tonnes last year.