Export incentives drive gold deliveries to record high in June

By Staff Reporter

Zimbabwe’s export incentives have seen gold deliveries to Fidelity Printers and Refiners reaching a record high of 2,9 tonnes in June raising hopes that the 12 billion united states dollar mining industry is achievable.

Fidelity Printers and Refiners announced in a statement that increased retention levels of foreign currency on gold deliveries has renewed confidence to large and small scale miners.

Gold Miners Association of Zimbabwe Chief Executive Officer, Mr Irvine Chinyenze noted that players in the industry have responded positively to the incentives announced by the reserve bank of Zimbabwe of allowing miners to retain 80 percent of foreign currency on gold delivered to Fidelity printers and refiners.

“Indeed all has not been well but with the current level of confidence being high due to incentives we expect further improvement in deliveries,” he said.

Regulatory authorities have also re-affirmed commitment to the viability of the gold mining sector.

“Incentives are the only way to go so we really intend to do all our best to ensure increase sustainability of the sector,” he said.

Fidelity Printers and Refiners which is the country’s sole buyer of the yellow metal says it is anticipating further recovery in gold production due to firming global prices of the commodity.

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