Gold deliveries to Fidelity slump

By Lucy Tandi
Fidelity Printers and Refineries, Zimbabwe’s sole buyer of gold has recorded a slump in gold deliveries for the second quarter of 2020, falling short of 1.633.71 tonnes recorded in the first quarter the same year.

Gold delivered to Fidelity for the first quarter of 2020 dropped to 5.721.71t, compared to 6.523.49t delivered in the same period last year.

Artisanal and Small-scale Miners (ASM) deliveries for April, May and June totalled 2478.1176t, slightly higher compared to primary producers, whose deliveries were 2411.658t during the period under review.
Total deliveries for the second quarter of 2020 were 4889.7758t, lower than the previous quarter of 6.523.49t.
Total deliveries for the second quarter were also down relative to the same period last year, recording 896.07t lower from the 5.785.84t achieved last year.
The month of June recorded the lowest with 2819.1544t, followed by April, which raked in 2928.609 tonnes, while the month of May recorded the highest deliveries of 4031.7882t.
FPR general manager, Fradreck Kunaka alluded the decline in gold deliveries to the effects of COVID-19.
“The COVID-19 pandemic has had a negative bearing on most operations and we also have not been spared, but with the lockdown rules being relaxed we are adjusting, and working with what is there to try and mop up as much gold as we can get,” said Kunaka.
Kunaka said Zimbabwe hopes to attain 35 tonnes of gold by year-end.
“10.6 tonnes have been received from January to June 2020 and we hope to attain at least 35t by year-end,” said Kunaka.
Historical figures FY2019 reveal gold deliveries to Fidelity were 17 percent lower at 27.66 t from governments’ ambitious projection of 40 tonnes.

The 27.66t delivered to Fidelity FY2019 was however a decline from 33.2t delivered FY2018.

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