Home News Small Scale Miners Call For Review oF Fidelity Monopoly.

Small Scale Miners Call For Review oF Fidelity Monopoly.

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Small-scale gold producers have implored the government to end the monopoly of Fidelity Printers and Refiners, as Zimbabwe’s sole authorised the gold buyer to improve yellow metal deliveries from the sector amid fears of leakages.

Speaking during the recently held Chamber of Mines of Zimbabwe Annual General Meeting in Victoria Falls, Zimbabwe Miners Federation President Henrietta Rushwaya called on government to allow other players to enter into the gold buying business.

She also said due to small-scale gold producers’ reservations over Fidelity Printers and Refiners’ payment arrangement, most of the gold was sold to illegal middlemen who did not deliver it to the gold buying company.

A 40-tonne target of gold production has been set for this year, and if achieved it would break the new record set last year of 32.2 tonnes. The government increased the gold retention threshold from 35 to 55 percent last year but since February miners have been lobbying further for a review of the threshold to between 75 and 90 percent.

Government has also set a target of 100 tonnes of gold by 2023, to drive the contribution of the sector towards the realization of Government’s vision of middle-income status by 2030.

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