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Fidelity strategies to attract more gold

Fidelity strategies to attract more gold

Peter Magamombe

Fidelity Gold Refinery (FGR) has come up with strategies to ensure that gold deliveries increase significantly in 2023 compared to 2022.

Rudairo Mapuranga

FGR General Manager Mr Peter Magaramombe 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.

Speaking at the gold mobilization workshop and task force send-off on Wednesday, Magaramombe said FGR was confident that its strategies to ensure gold deliveries increase in 2023 will be of positive impact.

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

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 more buying centres to eliminate the hurdle of travelling long distances to sell.

“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.

He also acknowledged the importance of gold incentives in delivery increased and ensure that the government was going to continue with the program to encourage deliveries.

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“The government has approved that we continue with incentives,” Magaramombe said.

He also said that, as part of its strategies, FGR was going to support artisanal and small-scale miners getting into strategic partnerships with them to ensure an increase in production.

“We are going to continue and actively support the Gold mobilization exercises.

“We are going to enter into some strategic partnerships targeting Gold mining and processing projects with potential. This will be done through the Gold development initiative fund,” Magaramombe said.

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