Gold reserves backing ZiG rise to US$370m- Mushayavanhu

Reserve Bank of Zimbabwe (RBZ) Governor has advised the Nation that the gold reserve coverage backing the Zimbabwe Gold (ZiG) is now sitting at about US$370 million from $285 million in April.

This has been attributed to small scale miners who have increased their deliveries to the Fidelity Gold Refinery.

According to Mushayavanhu this is a product of sound policies put in place by the government.

Apparently, Fidelity Gold Refineries has recorded 55.6 percent increase in gold deliveries in the second quarter of 2024 by small miners.

This is a result to the surge in Artisanal & Small-Scale Miners (ASM) gold deliveries attributed to government measures and FGR strategies says Zimbabwe Miners Federation (ZMF)

Key factors:
?Regularization of hammer mills use.
?Removal of 15% VAT on gold sales.
?Fidelity Gold Refinery’s (FGR) marketing strategies.

Government’s relaxed stance on hammer mills boosted gold production.
Education and awareness campaigns led by the gold mobilization team.

?Improved services by FGR: advertising, feedback channels, extended hours.
?Overall gold deliveries: 7,739.4241 kgs in Q2 2024, a 28.033% increase from Q1.
?Small-scale miners’ contribution: 4,515.1660 kgs in Q2, up 55.5988% from Q1.
?Large-scale miners’ contribution: 3,224.2581 kgs in Q2, up 2.58314% from Q1.