Zimbabwe Environmental Law Association (ZELA), project officer, Joyce Nyamukunda Machiri, speaking in an interview with Bhizimusi reporter, last week said Fidelity Printers and Refineries (FPR) latest gold buying framework lacks transparency.
FPR created a new gold trading framework for 70% payment in foreign currency.
“I think the issue of transparency is lacking,” Machiri said. ” You may find that the large scale miners are being paid still using the ratio of USD and RTGS, whilst the small scale miners have been given 100% USD payment. We do not know at what rate the large scale miners are being paid.” (sic)
“So we really need to understand and see if this is something that is a plus for artisanal miners or still we are on the side of the large scale companies who have been surpassed by artisanal miners in production of gold with regards to statistics of previous years even last year and early this year.”
The project officer went on to reveal that FPR’s new trading framework still offers room for gold to be sold on the black market.
Illicit gold trade on the black market has been blamed for gold leakages in Zimbabwe.
“You find that the international price for gold is a bit higher than the one being offered by Fidelity Printers and for me this still give room for illicit gold trade because the ones who are buying gold can just also have their prices slightly higher than Fidelity Printers which will leave miners with an option of going for the black market.”
“If cash is not available in the banks, this would also still have implications with regards to how the miners are going to sell their gold which is opting for the black market.”
