Fidelity Gold Refinery, Zimbabwe’s exclusive purchaser of gold, will introduce a comprehensive tracing system to monitor the metal’s supply chain from mining sites to the market.
This initiative, slated to commence on September 30, was disclosed by General Manager Peter Magaramombe during a meeting with miners in Harare, the capital city.
According to Magaramombe, the system will enable real-time monitoring of gold bullion weighing at the production stage through to its delivery to FGR, with the ability to track its journey to the market.
Reports from the International Crisis Group indicate that Zimbabwe suffers an annual loss of approximately $1.5 billion due to gold smuggling. These findings underscore the urgency of implementing such measures to curb illicit activities within the gold trade.
Despite allegations of complicity by government entities, including the central bank, in the smuggling of gold out of Zimbabwe, authorities in Harare have refuted any wrongdoing.
With a production target of 40 tons for the current year, as announced by Mines Minister Winston Chitando, Zimbabwe endeavors to enhance oversight and governance within its gold industry. Notably, gold production in 2023 stood at 30.1 tons, representing a decline from the previous year’s record output of 35.3 tons.
Source NewZimbabwe
