2019 Gold Deliveries Expected To Fall

Gold deliveries to Fidelity Printers and Refineries (FPR) are expected to fall drastically, with only 23 tonnes realised in the first 10 months against an annual target of 40 million tonnes.

The decline in gold deliveries has been attributed to electricity availability, shortage of energy (especially diesel) and the unfavourable payment system. Zimbabwe Miners Federation (ZMF) president Henrietta Rushwaya had this to say:

It’s a result of a myriad of challenges but the main one would be energy — both electricity and diesel shortages and the payment system by the State buyer.

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We have been calling on Fidelity to revise their payment system from the current 55: (per cent foreign currency) 45 (per cent local currency) but all these calls have not been addressed.

In 2018, 33,28 tonnes of gold were delivered to FPR, with 30,03 tonnes having been delivered in the first 10 months.

Meanwhile, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya is on record saying that it was impossible to pay miners 100 per cent in foreign currency as the government has other services that need forex.

More: Chronicle

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