Public Accounts Committee chairperson Caston Matewu says Fidelity Gold Refinery is a very important and strategic piece of the country’s monetary and fiscal policy stability, and should be well-capitalised so that it can operate efficiently.
Fidelity Gold Refinery is key to the country’s mining sector as it has the mandate to buy gold from both the artisanal and large-scale miners across the country, and to also sell gold to local and international buyers.
The parastatal, which is now under the Mtapa Investment Fund, boasts of 22 gold buying centres, numerous mobile gold buying units, and gold buying agents to help in executing its mandate effectively.
Speaking at a meeting which was preceded by a tour of the company’s facilities, Honourable Matewu said gold is important for the country’s growth and that Fidelity is at the centre of it.
Fidelity Gold Refinery is one of the few entities under Mtapa Investment Fund that has paid dividend to its shareholder to the tune of US$5million in 2024, and it is expecting to pay a bigger dividend in 2025.
‘’Honourable members, ladies and gentlemen, we cannot overstate that the gold sector is vital to our nation’s economic growth and critically to anchor our currency.
‘’Just yesterday, I saw the news that His Excellency the President was touring the gold reserves at the Reserve Bank of Zimbabwe. That image sends a powerful message. It shows the direction that we all want to see. A Zimbabwe with a huge gold reserve base, a stable currency and prosperous future. Fidelity is central to that vision.
‘’Fidelity Gold Refinery to me is a strategic centre-piece of our monetary and fiscal policy stability. I understand that this sits at the heart of the gold value chain, acting as a critical link between artisanal miners, large-scale producers and the Reserve Bank of Zimbabwe.
‘’Hence, without a transparent, well-capitalised and efficiently operated fidelity, our national ambition to build a huge gold reserve base remains a distant dream.
‘’So, honourable members, I urge you to listen attentively and engage constructively. And to our presenters, I say, feel free to deliver as much information as you can.
‘’The more you share, the better equipped honourable members will be to make informed decisions in Parliament. Your openness empowers us and together we can chart a path that strengthens both our fidelity and our great nation of Zimbabwe,’’ he said.
In 2025, Fidelity Gold Refinery took delivery of 46.7 tonnes of gold, and is expecting to take delivery of 50 tonnes in 2026. In the first quarter of 2026, it has already taken delivery of about 9.311 tonnes of gold.
Gold deliveries to Fidelity Gold Refinery has been on an creasing trajectory in the last 5 years.
In 2020 it took delivery of 20.382.95 tonnes, 29.664.17 tonnes in 2021, 35.280.09 tonnes in 2022, 30.106.76 tonnes in 2023, 36.486.76 tonnes in 2024, and 46.729.06 tonnes.
This positive trajectory in the delivery of gold was driven by favourable gold prices, favourable government policies such as removal of VAT, increase in the number of buying centres from 13 to 22, expansion projects by big mines, timeous payments to miners, and support to artisanal small miners through the Gold Development Initiative Fund where over 1000 people have benefited.
