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In a significant move to bolster Zimbabwe’s gold mining sector, Fidelity Gold Refinery (FGR), a subsidiary of the Mutapa Investment Fund, has announced a series of initiatives aimed at supporting both large-scale and artisanal miners. These measures are designed to create a fair, efficient, and competitive market system, ultimately enhancing gold deliveries across the country.
FGR has committed to providing spot payments upon gold delivery, ensuring that funds are readily available at its seventeen gold buying centers nationwide. This approach is intended to support artisanal and small-scale miners (ASMs) by offering immediate compensation for their contributions. Peter Magaramombe, General Manager of FGR, emphasized the organization’s dedication to inclusivity, stating, “We are committed to providing accessible and convenient gold buying services to miners across the country. By expanding our network, we aim to encourage more miners to participate in the formal gold market and contribute to the country’s economic development.”
To further support the gold mining sector, FGR plans to open three new gold buying centers by the end of the year, expanding their network to a total of 20 centers. These new facilities will be located in Mberengwa, Mount Darwin, and Ngundu. This expansion reflects FGR’s commitment to being at the forefront of gold processing and trade in Zimbabwe.
In addition to expanding its physical presence, FGR is implementing a gold traceability system to monitor the movement of gold from production to the international market. This “mine to market” system supports responsible sourcing and aligns with international best practices, promoting formalization and transparency within Zimbabwe’s gold industry.
These initiatives come at a time when Zimbabwe’s gold mining sector has experienced a notable boost, with gold output reaching 24 tonnes in the first nine months of 2024, marking a 7% increase compared to the same period last year. This growth is attributed to increased production from both large-scale and small-scale miners, reflecting the sector’s resilience and ongoing development efforts.
The Zimbabwe Miners Federation (ZMF) has praised the government for creating a favorable environment that has spurred growth in the gold sector. Henrietta Rushwaya, President of ZMF, noted, “The streamlined processes and reduced bureaucracy have created a more conducive environment for our members to operate. This has resulted in increased productivity and a greater sense of confidence among small-scale miners.”
As Zimbabwe aims to maximize the potential of its gold industry, these efforts by FGR and supportive government policies are expected to contribute significantly to the country’s economic development.
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