Blanket sells $3,8m gold to Fidelity

“What has happened now is that all the milling plants have been registered and all of them are now required to send their gold to Fidelity Refineries,”

LONDON — Caledonia Mining Corp yesterday said all the gold produced at the Blanket Mine near Gwanda will now be sold to State-owned Fidelity Printers and Refiners.

Fidelity is the company now responsible for all final refining and marketing of gold produced in the country.

Caledonia said the terms of the deal with Fidelity means Blanket Mine would get 98,5% of the value of the gold it passes to Fidelity within a maximum of seven days of the sale taking place.

Yesterday it sold Fidelity gold with a value of more than $3,8 million and expects to get the proceeds today.

Caledonia Corp owns 49% of the mine. Its shares last traded at 46 pence in London.

— Alliance News