FOR IMMEDIATE RELEASE
Introduction
Harare, Zimbabwe- Fidelity Gold Refinery (Fidelity or FGR), a wholly owned subsidiary of Mutapa Investment Fund, is dedicated and committed to unlocking Zimbabwe’s gold potential through a fair, efficient and competitive market system.
Fidelity has come up with a package of measures to ensure that it is the preferred sole buyer and exporter of gold in Zimbabwe. These measures are aimed at improving the procurement of gold by Fidelity and thus enhancing gold deliveries in the country.
Payments to miners
Fidelity is committed to supporting both large and small scale producers of gold in Zimbabwe. A robust system has been put in place to support artisanal and small-scale miners (ASMs) by offering spot payments upon delivery of gold. Fidelity has secured cash facilities through the banking system in Zimbabwe to ensure that funds are always available at all the FGR’s seventeen gold buying centres dotted around the country.
Gold Buying
Fidelity has no restrictions on the quantity of gold it purchases from ASMs, buying from as less as one gram of gold, to ensure inclusivity of leaving noone and no place behind. This is designed to curb gold leakages that can be channelled through the illegal market.
Responsible Sourcing
Fidelity adheres to the robust responsible sourcing of gold framework to ensure that all gold procured by Fidelity comes from legitimate sources. The framework is premised on international best practice as promulgated in the Organisation for Economic Cooperation and Development (OECD) guidelines which inform standards across major gold markets.
Collaboration with other stakeholders
As part of its efforts to achieve its mandate, Fidelity collaborates with key industry stakeholders such as the Gold Mobilisation Technical Taskforce, the Mineral Flora and Fauna Unit (MFFU) of the Zimbabwe Republic Police and the Ministry of Mines and Mining Development to ensure that all gold mined is channelled through Fidelity.
Gold Buying Centres
Fidelity currently operates seventeen gold buying centres strategically located across all mining provinces in Zimbabwe namely Harare, Chinhoyi, Bindura, Shamva, Mutare, Masvingo, Kadoma, Kwekwe, Gweru, Zvishavane, Filabusi, Shurugwi, Gwanda, Bulawayo, Maphisa, Makaha and Chegutu. Fidelity is opening three more gold buying centres in Mberengwa, Ngundu and Mt Darwin by 31 October 2024. This expansion process reflects Fidelity’s commitment to being at the forefront of gold processing and trade in Zimbabwe. In addition, Fidelity has gold buying agents operating in areas where there are no gold buying centres. The sourced gold is refined and exported by Fidelity, adhering to international standards.
Gold Service Centres
Fidelity is entering into joint ventures with investors for the purposes of constructing 13 gold service centres in strategic gold rich areas across the country with an objective to increase gold deliveries. A tender under this arrangement was flighted and is closing on the 24th of September 2024.
Gold Traceability System
Fidelity is currently implementing a gold traceability system that enables tracking the movement of gold from production until it reaches the international trade market. This mine to market system which supports Fidelity’s strategic objective of adhering to responsible sourcing of gold is underpinned by the legislation passed in June 2023 requiring gold traceability. The mine to market tracking system enhances formalisation and transparency in the gold industry in Zimbabwe.
Through formalisation of the ASM sector, and supporting artisanal miners with improved regulations, the mine to market system will promote and support job creation and stability in the national economy.
Conclusion
These measures being implemented by Fidelity are essential to promote the ease of doing business in the gold industry, especially the ASM sector in Zimbabwe. The establishment of gold service centres and additional gold buying centres by Fidelity is fundamental to promote inclusivity and enhancing gold deliveries to Fidelity. These efforts are being buttressed by the implementation of the mine to market system to enhance transparency and formalisation of the gold sector. This way, Fidelity aims to promote sustainable mining practises that supports the environment and ensure long term economic benefits.
For further information, please contact:
Peter Magaramombe
General Manager
Fidelity Gold Refinery
Phone: +2637735422723
Email: pmagaramombe@fpr.co.zw
Website: fgr.co.zw