Fidelity Printers and Refiners castigated PDF Print E-mail
Wednesday, 23 March 2011 20:17

gold1.jpgIndigenisation lobby groups have castigated the sale by Fidelity Printers and Refiners of gold milling plants to a foreign owned company, a move they say is in violation of the country’s indigenisation and investment laws.


The sale of 7 out of 10 gold milling plants to a foreign company, Slashwood Mining Private Limited, by the country’s sole gold refiner Fidelity Printers and Refiners has been described as shady and suspicious by indigenisation advocacy groups who say this contravenes the country’s indigenisation and investment laws.


Slashwood, whose shareholding structure is 90% owned by a Virgin Islands registered Zenit Group and 10% owned by Ontage Resources Limited an indigenous entity, was awarded the tender of the milling centres which they paid for one month later after the 31st of January deadline.


It is alleged the tender was awarded before Slashwood had obtained an investment license and without tax clearance from Zimbabwe Revenue Authority among other discrepancies.


In an interview with ZBC News, Affirmative Action Group Chief Executive Officer, Dr. Davison Gomo said the deal appears to be in breach of government’s indigenization policy.


Speaking to ZBC News, the Indigenisation Board General Manager-Compliance, Zwelibanzi Lunga echoed the same sentiments and said the board is still carrying out investigations on the deal as it seems to be in contravention of not just investment laws but also indigenisation statutes.


Fidelity Printers and Refiners opted to dispose 7 of the 10 gold milling centres following the London Bullion Market Association’s decision to revoke the refiner’s license to refine gold.


The licence will only be restored if Fidelity achieves a net value of US$15 million and increases its annual production of gold to 28 tonnes which is about three and half times last year’s 8 tonne output.

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