Harare (New Ziana) – Gold deliveries to Fidelity Printers and Refiners, the country’s sole official buyer the precious commodity, spiked by 33 percent to 10,309kg in the third quarter of 2024, up from 7,739kg in the second quarter of this year, data released show.

According to statistics from Fidelity Printers and Refiners, in September 2024, large scale miners delivered 1,009kg compared to 1,027kg in August, and 961kg in Sept 2023.

Small scale miners sold 2,405kg in September, from 2,373 in August. In September last year, they delivered 2,170kg. Artisanal miners account for 70 percent of the country’s gold deliveries.

The continued increase in deliveries by small scale miners is attributed to the 5 percent incentive being given to producers who deliver above 20kg of gold a month.

Early this year, the government scrapped 15 percent value added tax on gold deliveries in an effort to encourage gold deliveries to Fidelity Printers.

In response, the government increased gold buying centres to boost deliveries to Fidelity Printers and Refiners.

Gold deliveries fell 15 percent in 2023 to 30.11 tonnes from 35.28 tonnes the previous year.

The government is targeting 40 tonnes of gold this year, which is currently the country’s largest single foreign currency earner.

New Ziana