The Fidelity Gold Refinery (FGR), Zimbabwe’s sole gold buyer and marketer, is reporting positive results from its efforts to increase gold deliveries. According to FGR General Manager, Peter Magaramombe, the establishment of more gold buying centres has had a “substantial impact” towards meeting predefined goals.
In an article by Business Times Magaramombe said, “We have a total of 17 gold buying centres now, we added five in the last five years from 12. The new centres are contributing very close to set targets”
This increase in buying centres comes alongside other initiatives implemented by FGR, including the Gold Development Initiatives Fund (GDIF) and mobile buying units. These efforts aim to enhance accessibility for artisanal and small-scale miners, a crucial sector for Zimbabwe’s gold production.
Magaramombe highlighted the importance of these combined efforts: “We are paying top prices benchmarked to the London Bullion Market Association. We also have the Gold Development Initiatives Fund to assist artisanal and small-scale miners… increasing the number of gold buying centres, mobile gold buying units… gold buying agents to cover areas where FGR does not have reach,”
The initial results are promising. Gold deliveries to FGR surged by 25% in January 2024 compared to the previous year. However, deliveries dipped in February, suggesting a need for continued support for miners.