Zim Set for LBMA Return as Gold Refinery Exceeds Threshold

Zimbabwe is expected to have access to global gold buyers with effect from next year after exceeding the 10 tonne requirement to be re-accredited into the London Bullion Market Association (LBMA).


Gold production is on a rebound with figures from Fidelity Printers and Refiners showing that the nation has since January this year produced 11.11 tonnes of the yellow metal.
The development has resulted in the government and Fidelity majority shareholder, the Reserve Bank of Zimbabwe, submitting proposals for re-entry into the LBMA next year.
An economic commentator Mrs Letina Undenge says the re-accreditation of the country into the LBMA will enable the government to increase earnings from gold and attract more investments.
“It is something that can help unlock opportunities in the economy,” she said.

Zimbabwe was de-registered by the LBMA after production fell to below three tonnes in 2008. However, there is optimism by the Chamber of Mines that Zimbabwe will be readmitted after a recovery in output.


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