Business Reporter
GOLD deliveries to Fidelity Printers and Refiners have surpassed a minimum 10 tonnes required for the country to be re-accredited by the London Bullion Market Association.
In the 10 months to October, gold deliveries reached 11,11 tonnes, figures from Fidelity Printers show.
Gold deliveries from medium to large-scale producers was 8,3 tonnes while deliveries from small-scale miners was about 2,8 tonnes.
Zimbabwe has to refine a minimum 10 tonnes per annum to be re-admitted on the London market, the world’s biggest gold trading centre, according to the LMBA.
This means the country will have access to global gold buyers. At the moment, Zimbabwe is selling its gold through Rand Refineries and is charged 0,3 percent for the total earnings.
Zimbabwe was de-registered by LMBA after production fell to below three tonnes in 2008 as a result of delayed payments to miners by the RBZ, which was the sole buyer of the metal.
This resulted in many companies closing down, only to reopen in 2009 when the RBZ deregulated the industry which, allowed gold miners to independently sell their bullion.
Fidelity has already made an initial application advising LBMA that Zimbabwe would refine 10 tonnes this year and would seek re-admission on the London market.
Monthly average deliveries from primary producers and small-scale miners were 827 kg and 54kg. Metallon, the country’s largest gold mine, delivered about 2,4 tonnes with over half of the delivery coming from its Bulawayo-based How Mine.
Mwana Africa’s Freda Rebecca delivered 1,5 tonnes while RioZim’s Renco Mine delivered 537kg. Caledonia’s Blanket Mine supplied 1,1 tonnes and Forbes and Thompson delivered 328kg.
Falcon Gold’s Lulu Mine supplied about 252,98kg. Last year, Zimbabwe produced about 14 tonnes of gold, almost half of 27 tonnes produced in 1999.