Zimbabwe’s gold purchasing entity Fidelity Printers and Refiners (Pvt) Ltd has offered to pay gold deliveries made to the entity at a globally competitive US$1 368,28 per ounce.

This translates to US$44,000 per kg of the precious mineral.

Fidelity Printers and Refiners is the largest security and commercial printing company, sole gold buyer, refiner and exporter of gold in Zimbabwe, and is a wholly-owned subsidiary of the Reserve Bank of Zimbabwe (RBZ).

Fidelity is looking to further boost gold deliveries after gold deliveries to the entity last year hitting a record 33, 2 tonnes up from 24, 8 tonnes.

The 2018 gold output meant that Zimbabwe managed to surpass its 30 tonnes target set by Government.

But the Government is looking for more upturn.

“Fidelity printers and refiners (Private) limited (FPR) would like to advise the public that as a way to further enhance gold production in Zimbabwe, it will pay an incentive over and above the purchase price of gold delivered to FPR.

“The incentive will be in the form of a gold support price of US$1,368.28 an ounce (USD$44,000 per kilogram),” said Fidelity Printers and Refiners.

This is a significant shift from the present arrangement whereby Fidelity was paying gold producers partly in US dollars (55%) and the balance in local currency.