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AMG gold reserves surpass target

AMG gold reserves surpass target

Thu Feb 01 2018


THE African Medallion Group (AMG) has announced that its gold reserves have surpassed the R1 billion ($83,9 million) mark, making it an attractive buy for gold investors.


The 14-month-old start-up’s accelerated growth has given it a boost as it plans to enter the highly unpredictable Zimbabwean market.


AMG’s announcement comes soon after founder Frank Buyanga made an enticing offer to fund Zimbabwe Sovereign Wealth Fund (SWF), which has stalled since 2014.


In a statement, AMG said it had been continually adding more gold to its reserves through purchases made from the Rand Refinery, the South African firm that is one of the world’s largest gold refineries and refines most of Africa’s gold.


“We are excited to inform our clients and stakeholders that the AMG gold reserves have surpassed the R1 billion threshold,” AMG stated.


Mr Buyanga, the South Africa-based businessman, offered to fund and capitalise Zimbabwe’s SWF, which he said could assist start-ups in the latter.


Zimbabwe is heavily indebted and has a high unemployment rate, estimated at more than 80 percent.


“As Africa Medallion Group, we want to be part of the new Zimbabwe by helping our SWF reach its goals and also get the necessary financial ability to do so,” Mr Buyanga wrote to the Ministry of Finance.


His letter further stated, “As an entrepreneur, l am aware that at this moment, when the fiscus is stretched so thin and has nothing to spare, the practicality of SWF for Zimbabwe is then close to impossible. However, with our assistance together we can make it a reality.”