Postponement of 17th India International Gold Convention 2020 Due to Covid-19 (was supposed to be held on 3-5 September 2020) and will keep you updated on new dates shortly....
 You are here : Home > Mining & Refining
 
 

ZMF secures gold buying licence

13 September 2020

 

THE Zimbabwe Miners Federation (ZMF) has secured a gold-buying licence and will now buy the yellow metal as an Fidelity Printers and Refiners agent.ZMF is the mother body of artisanal and small-scale miners dotted across the country.

 

The organisation’s chief executive officer, Mr Wellington Takavarasha, told Business Chronicle over the weekend that they would be buying gold as an agent of FPR in all the country’s gold-mining regions which are: Matabeleland South, Matabeleland North, Midlands, Mashonaland West, Mashonaland Central, Mashonaland East, Manicaland and Masvingo provinces.“ZMF has embarked on a gold buying exercise in a bid to mop up gold from the artisanal and small-cale miners countrywide on behalf of FPR.We are now an accredited agent of FPR and we will try to reach out even to the most remote areas,” said Mr Takavarasha.It is hoped that this would ensure more gold is brought to the formal market.

 

Government has expressed concern that the country is losing significant revenues as the yellow metal is being smuggled out of the country to countries such as United Arab Emirates and the neighbouring South Africa.Finance and Economic Development Minister Professor Mthuli Ncube is on record saying Government was putting in place measures to curb the smuggling of Zimbabwe’s gold in order to ensure increased formal deliveries of the precious metal.Gold is one of the country’s major foreign currency earners accounting for more than US$1 billion annually.The artisanal and small-scale mining sector is the major producer of gold accounting for more than 60 percent.President Mnangagwa last October launched a US$12 billion mining industry economy by 2023 with the gold sector expected to contribute a minimum of US$4 billion.This year Zimbabwe targets to achieve 40 tonnes of gold having missed the projection in 2019 owing to a number of challenges, among them power and fuel constraints.Total gold output for last year was close to 29 tonnes down from 33,2 tonnes achieved in the previous year.

 

Source:https://www.chronicle.co.zw/zmf-secures-g