… gold deliveries projected to hit 50 tonnes

SAMANTHA MADE

Fidelity Gold Refinery (FGR), the country’s sole marketer and seller of the yellow metal, has projected gold deliveries to reach 50 tonnes in 2026, an 11% increase from the estimated 45 tonnes for 2025.

FGR General Manager Peter Magaramombe expressed optimism about the sector’s trajectory.

“While the gold price is not the only determinant factor in driving growth in gold deliveries, the positive influence of bullish gold prices cannot be ignored. Based on this, total gold deliveries for 2026 are projected at 50 tonnes,” Magaramombe said.

“This growth represents an 11% growth rate, taking into consideration the 45 tonnes projected to be delivered in 2025. Gold deliveries from merchants and sources are expected to contribute to this growth,” he added.

Magaramombe attributed the anticipated increase to supportive government policies, concerted efforts to stabilise the macroeconomic environment, and enhanced transparency in payments. He noted that FGR is using a conservative gold price forecast of US$4,600 per ounce for 2026, based on predictions from reputable institutions.

“Fidelity takes a conservative approach, using US$4,600 per ounce of gold, which is the average gold price forecast for 2026 based on predictions from three reputable institutions,” he said.

Highlighting historical trends, Magaramombe noted that gold delivery patterns tend to be lowest in the first quarter, gradually increasing towards year-end.

“The majority of artisanal miners’ operations exploit near-surface deposits and are typically flooded when water levels rise following the onset of the rainy season in the fourth quarter of the previous year. As the rain approaches its end, more waste from artisanal and small-scale miners will be gained,” he explained.

He emphasised the importance of capacitating artisanal and small-scale miners with “state-of-the-art equipment and water management systems, making their mining operations more effective.”

Magaramombe also outlined FGR’s initiatives, including the Gold Development Initiative Fund and a blockchain-based mine-to-market system, aimed at improving transparency, accountability, and access to formal markets.

The refinery has introduced incentives to boost production, including 100% foreign currency retention and a 5% bonus for every 500 grams delivered.

“These incentives have built miners’ confidence and encouraged them to deliver more gold to official channels,” Magaramombe said.