Business / Companies
Reserve Bank of Zimbabwe rules out Fidelity bids
14 Aug 2013 at 14:02hrs | Views
The Reserve Bank of Zimbabwe (RBZ) says it will maintain a controlling stake in Fidelity Printers and Refiners as efforts are on-going to mobilise funds for its recapitalisation.
Fidelity Printers and Refiners will not be disposed off to investors as the RBZ which owns a 100 percent stake in the firm says measures are being considered to ensure that the firm resumes the refining of gold.
A chief econometrician with a local financial group Joseph Sagwati says Fidelity should be under the control of government given its strategic importance to the economy.
"We will be maintaining the control of the company and this is crucial in sustaining its growth in the future," said Sagwati.
The plans by the central bank to maintain its controlling stake in fidelity are being made after a rebound in gold production to 12 tonnes.
Despite fluctuating international prices for the yellow metal averaging $1 650 per ounce, stakeholders are confident of a persistent rise in gold output to 15 tonnes by year end.
Fidelity Printers and Refiners is responsible for printing and production of local currency and the refinement of gold.
It is also an interface for the country's gold mining industry with the London Bullion Market Association.
Fidelity Printers and Refiners will not be disposed off to investors as the RBZ which owns a 100 percent stake in the firm says measures are being considered to ensure that the firm resumes the refining of gold.
A chief econometrician with a local financial group Joseph Sagwati says Fidelity should be under the control of government given its strategic importance to the economy.
"We will be maintaining the control of the company and this is crucial in sustaining its growth in the future," said Sagwati.
Despite fluctuating international prices for the yellow metal averaging $1 650 per ounce, stakeholders are confident of a persistent rise in gold output to 15 tonnes by year end.
Fidelity Printers and Refiners is responsible for printing and production of local currency and the refinement of gold.
It is also an interface for the country's gold mining industry with the London Bullion Market Association.
Source - zbc
