Call for review of issuance of gold licences

By Owen Mandovha

Government has welcomed the newly formed National Gold Buyers Association of Zimbabwe which has pledged to protect the interests of the country in buying and selling the yellow metal.

The country produces large quantities of gold annually but deliveries to Fidelity Printers and Refiners do not tally with production due to side marketing and smuggling caused by the abuse of gold buying licences.

The recently formed indigenous National Gold Buyers Association which is a direct response to the challenges has vowed to resolve the issues after their maiden interface with the Ministry of Mines and Mining Development.

“Our thrust is to ensure the country’s interests are protected in the trading of the yellow metal,” said Mr Pedzisayi Sakupwanya, President National Gold Buyers Association of Zimbabwe.

The association pleaded for the review of the issuance of gold licences.

“The licences are in the wrong hands because some holders are abusing them by buying gold at very low prices and shipping it outside the country where it is sold at high prices,” said President Zimbabwe Miners Federation, Ms Henrietta Rushwaya.

Mines and Mining Development Minister, Honourable Winston Chitando embraced the initiative, describing it as instrumental in achieving a 100 tonne gold target by the year 2023.

He said, “I am pleased that the organization has braced itself for this noble cause because leakages are threatening gold deliveries, so I welcome this is a big achievement.”

The National Gold Buyers Association of Zimbabwe is represented in all the country’s gold producing provinces.