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Gold deliveries to Fidelity down 13%

“Gold deliveries to FGR stand at 19.335 tonnes as at the end of August 2023 from 22.289 tonnes delivered during the same period last year. We are still hopeful of the target but there is a need of increasing gold centres and spot payments to take the gold to FGR.”

Gold deliveries to Fidelity Gold Printers (FGP) fell 13% to 19.335 tonnes in the first eight months of this year from 22.289 tonnes in the prior comparative period.

Given that the government pays within a week, it is claimed that the miners are diverting the yellow metal to alternative markets that pay instantly.

The decline was confirmed by FGR general manager Peter Magaramombe.

“Gold deliveries to FGR stand at 19.335 tonnes as at the end of August 2023 from 22.289 tonnes delivered during the same period last year. We are still hopeful of the target but there is a need of increasing gold centres and spot payments to take the gold to FGR,” Magaramombe said.

Of the total gold production, 11.66 tonnes were delivered by small-scale miners who accounted for 60% of total deliveries.

Large scale miners accounted for 7.66 tonnes during the last eight months.

Experts said there was a need to introduce new policies to ramp up production and capitalise on firm strong commodity prices which are at US$61 695.85

However, the yellow metal is being smuggled due to payment delays by FPR.

They said deliveries have been hampered by inconsistent payments as incapacitated small-scale miners search for other ways to be paid immediately.

It is said small-scale mining should not remain archaic by using a pick and a shovel, but rather should have advanced by mechanising, acquiring technical know-how, skills, and resources, but miners are still unable to work.

Taxes have remained a pain in the back for miners and the situation continues to affect production and productivity.

This has promoted gold smuggling and destroyed the building of gold reserves. – (Business Times)

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