Fidelity Gold Refinery Targets a Record 40 Tonnes of Gold Deliveries in 2025

Fidelity Gold Refinery (FGR), Zimbabwe’s sole gold buyer and exporter, has set an ambitious target of 40 tonnes of gold deliveries for 2025. This goal builds on the company’s strong performance in 2024, during which it received 24 tonnes of gold in the first nine months alone.

This was revealed by FGR General Manager Peter Magaramombe while speaking at the Zimbabwe Miners Federation (ZMF) Conference at Mine Entra which focused on sustainable and responsible mining as a catalyst for national development.

Fidelity Gold Refinery attributes its success to various factors, including increased mining activities by artisanal and small-scale miners, prompt payments to miners, favourable gold prices, supportive government policies, and effective stakeholder engagement.

To further enhance gold deliveries, the refinery has been implementing strategies such as expanding its network of gold buying centres and implementing a gold traceability system. These initiatives aim to formalize traditional gold trades, promote job creation, and ensure responsible sourcing of gold.

For the remainder of 2024, Fidelity Gold Refinery projects to receive an additional 11 tonnes of gold, bringing the total annual delivery to 35 tonnes. Speaking at the conference Magaramombe said this projection is based on the continued implementation of supportive policies, favourable prices, and enhanced regulatory frameworks.

”Looking ahead to the remainder of 2024, we anticipate sustained growth in gold deliveries if the existing conditions are maintained. Further, ongoing investments in mining infrastructure, increased small-scale mining contributions, and favourable global market trends are expected to drive this growth. This projection is conservative, considering the sector’s current momentum and potential. Several factors underpin our optimism, including the continued implementation of supportive policies, favourable prices, and enhanced regulatory frameworks,” he said.

The ambitious target of 40 tonnes in 2025 reflects Fidelity Gold Refinery’s confidence in the continued growth of the gold sector in Zimbabwe. The company believes that ongoing investments in mining infrastructure, increased small-scale mining contributions, and favourable global market trends will drive this growth.

Achieving this target would have significant economic benefits for Zimbabwe. The gold sector contributes substantially to the country’s export earnings and supports its economic development agenda. Fidelity Gold Refinery’s commitment to sustainable and responsible gold mining practices aligns with the government’s vision for a prosperous and inclusive Zimbabwe.