Chronicle Editor
GOLD deliveries in the first two months of the year totalled 3,951 tonnes, a marginal increase from 3,907 tonnes in the comparable period last year, Fidelity Printers and Refiners, the country’s main buyer of the precious metal has said.
It attributed the increase to the registration of more official buying agents, those that purchase the metal from small scale miners on its behalf. Of the tonnage, small scale miners contributed 2,09 tonnes while big miners contributed 1,3 tonnes.
“The increase can be attributed to deliveries brought through by buying agents that were issued with permits at the start of the year,” Fidelity Printers and Refiners said.
In 2019, the country’s annual gold deliveries declined 16 percent to 27,6 tonnes from 33,2 tonnes in 2018. The figure was way below the 40 tonnes target although the output was the second highest since independence in 1980.
Correspondingly, gold export earnings last year went down 28 percent to US$946 million from US$1,33 billion in 2018. The drop in production could be linked to smuggling of the yellow metal due to unfavourable local payment modalities. – New Ziana.
derick.khumalo
Online Reporter