By ETimes

Gold deliveries to Fidelity Printers and Refinery plunged 60.8% in January after an increase in rains that has caused mines to collapse and small-scale miners to scale back production. It is these rains that have caused gold deliveries to come in at 997.62kgs a three-year low from 2,547kgs a year earlier.

This comes as the nation’s sole gold buyer Fidelity Printers and Refiners (FPR) said that miners’ payments have been cash on the spot due to improved movement between countries as borders are now open, according to Mr Kunaka.

Small scale miners output fell by 80% to deliver 355.519kgs in January.

ETimes

Mr Kunaka said small scale producers are usually the leaders in terms of gold delivery statistics, as indicated by historical data but more rains this year meant the ground was much fragile than the past two seasons.

“FPR got 997.6244 kg in total. Primary producers brought in 642.1052kg while small-scale producers delivered 355.519 kg.”

Primary producers delivered 12.5% less gold than the 869.99kg achieved in January 2020. The lower fall in deliveries by primary producers is due to the mechanization they have, which makes them able to cope with the rainy season.

Asked on the target deliveries for 2021 and the policies they want to implement in order to increase deliveries, the FPR management said, the organization was in the middle of unbundling and such questions were only fit to be answered by the next refinery management. HARARE

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here