Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Triple-listed Caledonia Mining has announced new marketing arrangements for the gold produced from its 49%-owned subsidiary, the Blanket mine, in Zimbabwe.
In terms of new regulations introduced by the Zimbabwean Ministry of Finance, all gold produced in Zimbabwe must now be sold to Fidelity Printers and Refiners, a company controlled by the Zimbabwean authorities.
Fidelity was now responsible for the final refining and marketing of all gold produced in Zimbabwe.
Accordingly, all of Blanket's production will be sold to Fidelity with immediate effect. The sale of gold to Fidelity replaces Blanket's previous refining and marketing arrangements.
Blanket's terms of trade with Fidelity would result in Blanket receiving 98.5% of the value of the gold within a maximum of seven days of sale to Fidelity.
Blanket on Tuesday sold gold to Fidelity with a value in excess of $3.8-million and expected to receive the proceeds on January 29.