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Fidelity establishes a new buying centre in Chegutu



Fidelity establishes a new buying centre in Chegutu

CBZ Bank

In an endeavour to create favourable proximity gold buying centres for Artisanal and Small-Scale Miners (ASM) to be able to deliver at competitive prices against unofficial gold dealers, Fidelity Gold Refinery (FGR) has established a new gold buying centre in Chegutu.

Rudairo Mapuranga

The buying centre which will be housed at the CBZ Chegutu branch is aimed at allowing small-scale miners in and around Chegutu a nearer centre to sell their gold for competitive prices at 100 per cent USD to reduce unscrupulous siphoning of the yellow metal.

According to FGR General Manager Mr Peter Magaramombe, FGR is working flat out to ensure that all the gold mined in Zimbabwe will eventually end in the right hands. He said that FGR is constantly pursuing to create favourable gold trading models for the gold producers to ensure growth and investment in the gold sector.

“One of the initiatives we have put in place to improve gold deliveries to FGR is to increase our gold buying centres.

According to Magaramombe Fidelity has come up with strategies to ensure that gold deliveries increase significantly in 2023 compared to 2022.

The FGR General Manager has projected gold deliveries to reach 40 tonnes in 2023 compared to 35 tonnes of gold in 2022, an increase of 18.9 per cent.

As part of the strategies, Magaramombe said the FGR will continue to offer United States dollar (USD) spot cash payments for gold lodgements.

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This will be done to ensure that small-scale gold producers are not financially constrained.

He also said that his company was ready to establish buying centres to ensure miners do not have the hurdle of travelling long distances to buying centres.

“As Fidelity Gold Refinery we are going to offer international Gold buying prices. At the moment Fidelity has cash across all its branches. We are also going to open some new buying centres. Plans are in place to open new buying centres.

“FGR is now ready to open Gold centres within Gold service centres,” Magaramombe said.

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