THE country’s leading gold buyer, Better Brands Jewellery (BBJ), says it is working with Government to assist miners to produce 50 tonnes of gold this year.
This comes after small-scale miners were empowered to produce more through internationally competitive prices provided by Fidelity Gold Refinery.
In 2022, BBJ accounted for over 50 percent of gold deliveries to Fidelity, as the company supplied 18 tonnes out of the national output of 35 tonnes.
This year’s gold deliveries will be supported by the opening up of a new gold refinery in Bulawayo, which will have the licence to buy gold from other countries.
In an interview, BBJ founder and chief executive Mr Pedzisayi Scott Sakupwanya said the resurgence of the gold sector will continue in 2023 on account of the Bulawayo refinery and other factors.
“This year, we are saying we are going to grow our gold output because we are opening up a new refinery in Bulawayo. The refinery in Bulawayo has a licence to buy gold from other countries. We are targeting to buy about 15 to 20 tonnes from other countries. So, this year, the target is 50 tonnes of gold. If we can add another 15 tonnes to the 35 we produced last year, we can easily reach that figure.”
Mr Sakupwanya said it is still possible to achieve a US$12 billion mining industry this year.
“The year 2023 has so much potential in terms of minerals and I want to thank the President for empowering small-scale miners,” he said.
“He came in and said everyone will be paid according to what they bring in and this has revived the sector. What was happening before is that most of our gold was being smuggled to South Africa due to favourable prices there.
“As a country, there was a time when we used to manage only six tonnes of gold per year, but now we are at 35 tonnes. You just wonder where the rest of the gold was going.”
Out of the 35 tonnes of gold produced last year, BBJ’s contribution of 18 tonnes is valued at over US$1,2 billion. – Sunday Mail
