Gold deliveries spike 37%
LIVINGSTONE MARUFU
Gold deliveries have spiked 37 % to 3.4 tonnes in the month of August from 2.479 tonnes delivered in the prior comparative period, Business Times can report.
This was confirmed by Fidelity Gold Refinery (FGR) general manager, Peter Magaramombe.
“Miners are delivering good numbers to FGR owing to favourable conditions on the ground and timeous payments. Given the record international gold prices, we would like to give competitive prices to match that,” Magaramombe said.
“We recorded a huge jump in gold output to around 3.4 tonnes from 2.479 tonnes in the same period last year due to timely interventions from the authorities.
“Given the spectacular deliveries in the past two months, the gold output stood at 20.67 tonnes during the past eight months from 19.33 tonnes in the same period last year, ” he added.
Primary producers delivered 8.53 tonnes to FGR during the first eight months of 2024 while small-scale producers delivered 12.133 tonnes.
Magaramombe said if the gold deliveries continue on this path, the country would end the year on a good note.
FGR has increased gold buying centres and relaxed some mining laws to boost deliveries.
Analysts said an increase in gold output was inspired by the removal of 15% Value Added Tax and more incentives to increase gold output.
The government is targeting 40 tonnes of gold this year and a lot of work is underway to ramp up production and direct deliveries to FGR.
