Published: 11 February 2014

Zimbabwe's readmission on the London Bullion marketing association could be a reality by October this year following revelations that Fidelity Printers and Refiners are collecting just under a tonne of gold a month.

Addressing journalists after his tour of Fidelity this morning, Finance Minister Patrick Chinamasa said Fidelity Printers was now buying gold from all primary producers at competitive world market prices.

"Since January, Fidelity Printers has received at least 960 kgs of unrefined gold mainly from primary producers.

We are working on collecting all the gold from artisanal miners in all gold producing areas.

"Initially, primary producers were hesitant to sell their gold to Fidelity because they doubted the firm's capacity to buy all the gold produced at competitive prices as well as its capacity to refine all the gold. Now that confidence on Fidelity has been restored, the company is working towards London Bullion certification," he said.

Zimbabwe's membership to the LBMA was cancelled in 2008 after it produced three tonnes of gold, falling short of the required minimum of 10 tonnes per year.

Since then, the country has been sending its gold for refinery and marketing to Rand Refinery of South Africa.

Minister Chinamasa said Government would work towards growing gold production and building gold and diamond reserves in the future.
- BH24 I Rumbidzayi Zinyuke