Fidelity Printers And Refiners’ Monopoly Of Buying And Marketing Gold To Stay – Magudya

The RBZ chief has said Fidelity will retain its monopoly of buying and marketing the country’s biggest forex earner gold, Mining Zimbabwe reports.

Magudya was speaking at a breakfast meeting organised by the Daily News when he said:

We all know that the last time the gold was liberalised production dipped to 4 tonnes and we were disqualified from London Bullion Market Association (LBMA) because we were below 10 tonnes so we have got history we know the experience,

Miners should market their gold through FPR as it refines miners’ gold and store it as a national asset and reserve asset. But if we do what we did in 2004 and 2005 thereabout whereby we liberalised we will go back to four tonnes again.

Magudya’s remarks came a few short hours after Mthuli Ncube said 34 tonnes of gold were smuggled out of the country.

More: Mining Zimbabwe

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