Gold deliveries to Fidelity Gold Refiners 24% down

Gold deliveries to Fidelity Printers and Refiners closed the first quarter at 6,044kg, lower than 6,194kg recorded in corresponding period in 2023.

According to latest data from the country’s sole gold buyer, this is significantly below the 7,694kg delivered in the same period in 2022, the record-breaking year.

Meanwhile, deliveries dropped 24% in March 2024 to 1,816kg from 2,403kg in March 2022.

While the global gold prices are surging, local producers are battling rising costs.

At inception in 1966, Fidelity Gold Refinery’s business was largely to print secure banknotes.

This operation was done in total secrecy in the basement of the old Reserve Bank Building at number 79 Samora Machel Avenue with the assistance of international technical partners.

The department was able to produce quality, secure banknotes, catapulting it into one of the top notable high security banknote print houses in the world.

Following the incorporation of the company in 1978, operations were relocated to No.1 George Drive in Msasa where its head office and majority of operations are located to this day.

The new spacious and secure complex modelled around leading security printers in Europe, was officially opened by the then Prime Minister, His Excellence the Honourable R.G. Mugabe, on 11 February 1982.

In 1987, a decision was made to enhance the company’s strategic role through the establishment of a gold refinery with an annual gold refining capacity of 50 tonnes and embedded capacity of netting to a purity level of up to 99.999.

The name was changed to Fidelity Printers and Refiners (Pvt) Ltd. The refinery is manned by highly experienced personnel with extensive skills in everything gold, i.e. mining, valuation, assaying, smelting, refining, buying and selling.

On 31 March 2021 Fidelity Printers and Refiners, changed its name to Fidelity Gold Refinery (Pvt) Ltd (FGR).

As custodian of critical strategic national capabilities benchmarked against the best in class, Fidelity Gold Refinery’s (FGR) core business currently encompasses gold buying and gold refining processes.

Zwnews