Fidelity Printers To Pay For Gold Deliveries Using Bank Transfers, Says It Has No Bond Notes

Fidelity Printers and Refiners (FPR) has advised small-scale miners that it will no longer be able to pay for 40 percent of the gold deliveries in cash as it has no bond notes. Instead, FPR will pay the miners the 40% component through bank transfers. The remaining 60% will still be paid in United States dollars. A notice from FPR customer relations officer, Bhekilizwe Manyathela reads:

Please note that due to the non-availability of bond notes, we have been instructed to stop bond note accruals and, instead, do bank transfers for the 40% component.

For those whom we already owe, we kindly urge you to also adopt the bank transfer system until such a time as when we are able to provide bond notes.

The small-scale miners who produce close to 45 percent of the country’s gold are unhappy about the development, saying that most of their supplies were paid for in cash and in actual United States dollars.  Zimbabwe has been hit by a severe shortage of cash, for the past 18-24 months.

More: NewsDay

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