Miners set to take control of Fidelity Gold Refinery

By Stanely James Business Editor
ZIMBABWE’S private sector driven economy thrust is on track, with ten shareholders having so far accepted to acquire shares in the partially privatised Fidelity Printers and Refiners (FPR) gold refinery business.
A treasury report confirms the process of partial privatisation of Fidelity gold buying unit, is close to finality in a deal worth 49 million united dollars.
An economist Mr Makanaka Shambare spoke on the transaction.
“It shows the commitment to a private sector led economy by government in a move that is entailed to the growth of the mining sector in terms of achieving a US$12 billion mining sector industry by 2023,” he said.
University of Zimbabwe mining chemical and metallurgical engineering analyses further the partial privatisation process.
“There is a lot that stands to be derived from the transaction remember gold is key to the foreign currency earnings and hence the significance of the entire deal,” said Mr Tinashe Ndoro, UZ Mining Chemical and Metallurgical engineering chair.

The transaction is also under scrutiny by the parliamentary portfolio committee on mines and energy.
“The future of the gold mining business in Zimbabwe is entirely dependent on what systems can be put in place to unlock value and create the necessary systems to boost exports so I think this is the right step,” said Mr Edmond Mkaratigwa, Parly Portfolio Committee on Mines and Energy Chairman
Under the ownership structure announced last year, miners will acquire the shares based on the average quantity of gold delivered to Fidelity in the past three years.
The central bank is, however, remaining with a 100 percent ownership of the company’s printing, minting and gold financing business.

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