https://newsletter.en.creamermedia.com

Zimbabwe to start gold-tracing system in bid to curb smuggling

A stack of gold bars

Photo by Bloomberg

7th June 2024

By: Bloomberg

  

Font size: - +

Zimbabwe’s sole authorised buyer of gold will introduce a system that traces supply of the metal from mines to the market in a bid to stop smuggling.

Fidelity Gold Refinery’s (FGR’s) initiative will start on September 30, GM Peter Magaramombe told miners late last month in the capital, Harare.

Zimbabwe loses about $1.5-billion annually to smuggling of the precious metal, according to the International Crisis Group.

“The system allows for real-time monitoring from bullion weighing by the producer and its subsequent delivery to FGR, which can also be traced to the market,” Magaramombe said.

Al-Jazeera, a Qatar-based broadcaster, reported last year that gold is being smuggled out of Zimbabwe with the knowledge of government and the involvement of the nation’s central bank. However, Harare authorities denied any wrongdoing.

Zimbabwe targets 40 t of gold production this year, according to Mines Minister Winston Chitando. In 2023, it produced 30.1 t, down from a record 35.3 t in the prior year.

Edited by Bloomberg

Comments

Projects

Image of wind farm with sun in the background
Lålax Wind Farm, Finland
Updated 3 hours ago By: Sheila Barradas

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.067 0.164s - 170pq - 2rq
Subscribe Now