Gold deliveries projected to hit 40 tonnes in 2023

Peter Magamombe

The country’s sole buyer and exporter, Fidelity Gold Refinery (FGR), has projected gold deliveries to reach 40 tonnes in 2023 mainly due to new gold mining projects coming into production.

FGR General Manager Mr Peter Magaramombe told a local publication that the sole gold buyer projected that the country will reach 40 tonnes of gold submissions in 2023.

“We have projected the gold deliveries in 2023 to reach 40 000 kg, an increase of 4 700 kg or 13.4% on 2022 gold deliveries,” Magaramombe.

Magaramombe said additional gold buying centres will be opened in areas with sizable concentrations of the yellow metal. He added FGR will continue to provide a competitive pricing framework benchmarked to the London Bullion Market Association (LBMA) prices at a discount of 5%.

He added on saying the FGR will continue to offer United States dollar (USD) spot cash payments for gold submitted to the state entity to ensure that small-scale gold producers are not financially constrained.

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In 2022 Small scale producers delivered a total of 18.5 tonnes while large-scale producers contributed 11.1 tonnes of the total deliveries.

The country’s small and large gold producers delivered a total of 29 629.61 kg of gold to Fidelity Gold Refinery (Private) Limited (FGR) in 2021, a 55.5% increase from the 19 052.65 kg delivered in 2020. Large gold producers delivered 11 159.0 kg to FGR in 2021 whilst small-scale producers contributed 18 470.61 kg.

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