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Gold deliveries to Fidelity continue to decline during second quarter of 2020

 By Business Reporter – Thursday 16 July 2020

HARARE (Mining Index) – GOLD received by Fidelity Printers and Refiners (FPR) for the second quarter of 2020 continued on a downward trend, falling short of 1,633.71 tonnes from deliveries recorded in the first quarter of 2020.

Gold delivered to Fidelity for the first quarter of 2020 dropped to 5,721.71 tonnes compared to 6,523.49 tonnes delivered in the same period last year.

Artisanal and Small-scale Miners (ASM) deliveries for April, May and June totalled 2478.1176 tonnes, slightly higher compared to primary producers whose deliveries were 2411.658 tonnes during the period under review.

Total deliveries for the second quarter of 2020 were 4889.7758 tonnes, lower than the previous quarter of  6,523.49 tonnes.

Total deliveries for the second quarter were also down relative to the same period last year, recording 896.07 tonnes lower from the 5,785.84 tonnes achieved last year.

The month of June recorded the lowest with 2819.1544 tonnes, followed by April which raked in 2928.609 tonnes while the month of May recorded the highest deliveries of 4031.7882 tonnes.

Fradreck Kunaka – FPR general mananger

FPR general manager, Fradreck Kunaka alluded the decline in gold deliveries to the effects of COVID-19.

“The COVID-19 pandemic has had a negative bearing on most operations and we also have not been spared but with the lockdown rules being relaxed we are adjusting and working with what is there to try and mop up as much gold as we can get,” said Kunaka.

Kunaka said Zimbabwe hopes to attain 35 tonnes of gold by year end.

“10,6 tonnes have been received from January to June 2020 and we hope to attain at least 35 tonnes by year end,” said Kunaka.

Historical figures FY2019 reveal gold deliveries to Fidelity were 17 percent lower at 27.66 tonnes from governments’ ambitious projection of 40 tonnes.

The 27.66 tonnes delivered to Fidelity FY2019 were however a decline from 33.2 tonnes delivered FY2018. ENDS// www.miningndex.co.zw

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