Gold deliveries surge

By Stanley James

ZIMBABWE’s gold deliveries to Fidelity Printers and Refiners (FPR) are on a recovery trend, with July recording more than 2.8 tonnes.

Information from Fidelity Printers and Refiners shows that gold export receipts for the month under review were valued at US$184 million.

The information also indicates that despite subdued deliveries since January, the month of June and July have been favourable in terms of overall deliveries in the formal system.

Recovery in gold deliveries is being attributed by Fidelity to several measures that were put in place to incentivise miners.

The measures include a five percent incentive, scrapping of taxes for small scale miners and payments for gold deliveries in line with global prices.

Small scale miners, however, continue to be the lead contributors of overall gold deliveries, accounting for 70 percent in July.

A commodity market report also shows that prices of the yellow metal on the global market continue to rise due to excess demand.

Gold is one of Zimbabwe’s key foreign currency earners and is expected to consolidate its position due to the recent surge in deliveries.