Zim marginally misses gold target

GOLDBARS
Martin Kadzere Senior Business Reporter

ZIMBABWE has marginally missed gold output for 2014 after deliveries reached 13,9 tonnes in the year to December against a target of 14,5 tonnes, latest data shows. Statistics from the Fidelity Printers and Refiners, the country’s sole gold buyer show that large-scale and small-scale miners delivered 9,96 tonnes and 3,94 tonnes respectively. The output was also slightly below 14 tonnes produced in 2013.

Among the top producers were Mwana Africa’s Freda Rebecca, Metallon’s How Mine, Caledonia’s Blanket Mine. Despite missing the target, Zimbabwe surpassed the minimum 10 tonnes required to be re-accredited into the London Bullion Marketers Association.

The country was de-registered by LMBA after production fell to below three tonnes in 2008 as a result of delayed payments to miners by the RBZ, which was the sole buyer of the metal.

This resulted in many companies closing down, only to re-open in 2009 when the RBZ deregulated the industry which, allowed gold miners to independently sell their bullion.

Fidelity has already made an initial application advising LBMA that Zimbabwe would refine 10 tonnes and would seek re-admission on the London market.

The re-admission of Zimbabwe on the London, the world’s biggest gold trading centre means the country will have access to global gold buyers. At the moment, Zimbabwe is selling its gold through Rand Refineries and is charged 0,3 percent for revenue.