Gold Deliveries Hit Record Low, Down by Over 75%


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DT Correspondent

FIDELITY Gold Refineries (FGR) has reported a dramatic 75% decline in gold deliveries from small scale and artisanal miners, a first in recent years.

FGR reported receiving 552kg in November from a high of 2,960kg in October and an average 1,648kg since January.

A government move to order payment of gold deliveries partly in Zimbabwean dollars reportedly affected the sector, which according to reports decided to suspend deliveries.

Finance Minister Mthuli Ncube ordered that small scale and artisanal miners be paid 75% in US dollars and 25% in Zimbabwean dollars, a decision that was not taken lightly.

“Artisanal miners have virtually stopped deliveries. Most of them rarely use the local currency, they do not have bank accounts or use RTGS transfer platforms, they only know US dollars,” said a source at FGR.

The drastic decline in deliveries poses significant concerns, as artisanal and small-scale miners contribute roughly 60% of Zimbabwe’s national gold output.

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