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Zimbabwe gold output to surpass 15 tonnes in 2015

Xinhua, January 25, 2015 Adjust font size:

Zimbabwe's sole gold buyer Fidelity Printers and Refiners targets output of more than 15 tonnes this year in light of the anticipated listing London Bullion Marketing Association (LBMA), state newspaper the Sunday Mail reported Sunday.

Zimbabwe produced 13.9 tonnes of gold last year, qualifying Fidelity to submit request to be reaccredited by the world's largest wholesale of gold LBMA.

Listing on the LBMA is expected to bring reduced refining costs and will also widen the Southern African country to market the yellow metal as well as opening up opportunities for value addition.

Fidelity told the paper that this year gold output will surpass 15 tonnes owing to several measures geared at ring-fencing the gold sector.

The gold buyer also said it will improve surveillance, particularly of small scale miners, to monitor production and insure deliveries through formal channels.

The company, a subsidiary of the Reserve Bank of Zimbabwe, will also supply chemicals used by gold producers as well as provide licenses for custom millers to become its agents

However, the government is targeting to raise gold production levels to 30 tonnes per year by 2018. Endi