Story by Owen Mandovha
THE attainment of a US$12 billion mining economy by the end of the year is set to get a massive boost by the establishment of a second gold refinery in Bulawayo.
The second gold refinery will be set up in Bulawayo this year in a major step towards liberalising the gold mining sector and anchoring efforts to achieve the 100-tonne annual gold delivery target set by the government.
Deputy Minister of Mines and Mining Development Honourable Polite Kambamura confirmed the development which seeks to enhance gold mobilisation initiatives.
“The refinery will be set up this year and these are measures aimed at harnessing gold deliveries. In the past miners and buyers would travel to Harare to sell their gold hence this move enhances gold mobilisation efforts to achieve a 100-tonne annual gold target,” said the deputy minister.
The refinery will be operated by Better Brands, the biggest gold-buying company in Zimbabwe which delivered more than 52 percent of the 35 tonnes delivered to Fidelity Printers and Refiners last year.
“Last year Better Brands delivered 18 tonnes of the yellow metal hence our allocation of the licence to Better Brands which will develop the country into a gold trading hub in the region,” said Mr Pedzisai Scott Sakupwanya, founder of Better Brands.
The establishment of the refinery will be instrumental in contributing towards a 12 billion United States dollar mining economy as well as making Zimbabwe a gold trading hub in the region.