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National Gold Buyers Association created

By Business Reporter – Thursday 25 March 2021

HARARE (Mining Index) – THE National Gold Buyers Association (NGBA) has been formed.

The National Gold Buyers Association is said to comprise of an eight member committee whose members are drawn from the provinces.

The meeting to create NGBA was attended by licensed gold buyer across the country, and was organized by the Zimbabwe Miners Federation (ZMF).

The creation of the National Gold Buyers Association comes at a time when Fidelity Printers and Refiners (FPR) is going through a restructuring process following the Reserve Bank of Zimbabwe’s (RBZ) decision to privatize the gold buying entity’s gold refining business.

Fidelity currently controls Zimbabwe’s gold trade as well as the minting and printing of local currency.

The unbundling will see partial privatization of the gold refining business allowing private players to be part of the decision-making process concerning the precious mineral

Local miners have also been eying a share of Fidelity’s gold buying business as the state-run gold buyer is going through a restructuring process.

“The big sharks have grabbed the 7 percent that was meant to come our way. We should instead seek to understand how local miners qualify to participate in the 7 percent that was meant for us so that those who want to participate and meet the criteria can participate,” said one local gold miner.

Popular bullion buyer, Pedzisai Sakupwanya, also known as Scott was elected chairman for this new association.

Sakupwanya runs a registered business that buys gold from small scale miners in Zimbabwe and sells to Fidelity Printers and Refiners (FPR).

Previous media reports indicate Sakupwanya operates gold mines and has a network of over 400 runners across Zimbabwe, making him one of the biggest gold agent at FPR. ENDS// www.miningindex.co.zw

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