Gold buyers ordered to register

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FIDELITY Printers and Refiners, a unit of the Reserve Bank of Zimbabwe, has set at deadline of April 31 for all gold buying agents to register with buying centres as the Mines and Mining Development ministry would undertake site visits at all mills to monitor level of activity.

Chief Reporter

Fidelity Printers is now the only licensed dealer in gold, as the cash-strapped government attempts a tough juggling act of raising capital to fund its ballooning expenditure.

Last operational in 2007, Fidelity Printers and Refiners reopened at the end of December last year after undergoing a major facelift at its plant.

Its closure in 2007 was attributed to a decline in gold volumes brought to the refinery, which made running the refinery unsustainable.

“In terms of the Mines and Minerals (Custom Milling Plants) Regulations all custom millers are gold buying agents of Fidelity Printers and Refiners (Pvt) Ltd.

“You are therefore reminded to confirm your registration as gold buying agents for Fidelity Printers and Refinery.

“Registration is open up to 30th April 2014 at Fidelity Printers and Refineries buying centres in Bulawayo, Filabusi, Gwanda, Gweru, Harare, Kadoma, Kwekwe, Masvingo, Mutare and Zvishavane,” part of the notice reads.

According to the requirements, gold buyers are expected to identify location of the mill including the mining district and rural district operation, previous and projected gold deliveries per month and list of directors of the company.

According to latest figures from the Finance ministry on the state of the economy, the minerals output remained depressed in February 2014 with gold and nickel registering significant declines. In February, small-scale gold producers increased their output to 190,35kg from 161,91kg produced prior month.

On the other hand, large-scale producers’ output slumped to 740,99kg in February from 764,88kg.

Zimbabwe is keen to re-enter the London Bullion Market Association (LBMA) after it lost its membership in 2007 due to depressed gold output.

The association requires at least 10 tonnes annual production for membership.

Last year Zimbabwe produced 11 tonnes of gold.