Fidelity to open gold buying centre in Insiza

Oliver Kazunga Senior Business Reporter—
FIDELITY Printers and Refiners will start buying gold at Yaron Goldstone processing centre in Insiza District before the end of the year in a move set to boost small-scale miners’ production. Mines and Mining Development Minister Walter Chidhakwa met officials from the Israeli-funded mining firm at the site in Shangani on Monday who assured the government the operationalisation of the $1,5 million processing plant would be done by December.
“Our visit to the mine was to see progress that has been made on setting up a gold processing centre.

“The gold processing equipment being installed seems to be good and if set up the centre will also accommodate small-scale miners who will bring their ore there for processing and Fidelity Printers and Refiners is expected to buy gold at point of processing,” Chidhakwa told Business Chronicle.

“Work to install the processing centre at the mine is ongoing with investors indicating that by December this year, the centre will be operational.”
The government declared Fidelity Printers and Refiners the sole buyer and exporter of gold in the country in December last year as a measure to boost gold deliveries and enhance transparency.

It is envisaged the establishment of the processing centre will go a long way in cutting down costs for small-scale miners in the Shangani community who have been travelling long distances to process their ore.

Yaron Goldstone Mine is a joint venture project between a group of Israeli investors and local entrepreneurs among them former Zimbabwe Football Association chief executive officer, Henrietta Rushwaya.

The investors have also indicated plans to pump in a further $100 million to different sectors including mining going forward.
The government is working on establishing more gold processing centres as a move to curb smuggling and incentivise improved milling and production benefits to miners.

Increasing mineral yields and beneficiation is set to enhance attainment of objectives set in the government’s economic blueprint, Zim-Asset.