Caledonia Mining Corp's Blanket Gold Mine - Note. produced 11,417 ounces of gold during Q4 2013 - made a New Marketing Arrangements for Gold Exports -
Fidelity Printers & Refiners (Private) Ltd - (controlled by the Zimbabwean authorities and the Rothschilds) -
The Reserve Bank of Zimbabwe first opened Fidelity Printers (Private) Limited in 1966 and after establishing a Gold Refinery section on the same site in 1987, the company changed its name to Fidelity Printers and Refiners (Private) Limited.
The refinery produces internationally accepted delivery bars. Fidelity Printers & Refiners (Private) Ltd 1 George Street Msasa PO Box AY300 Amby Harare Zimbabwe
Tel. +263 4 486 694 Fax +263 4 486 474
Fidelity smelts once a week – every Tuesday. They pay a price based on 98.5% of the London afternoon fix on the Tuesday of the smelt and will pay the following day. E.g., If we deliver gold on a Tuesday morning, we will be paid the next day. If we deliver gold on, say a Wednesday morning, we will have to wait a week to get paid
All transaction in US$ - (there is no local Zim-currency any more) -
CALVF gain on lower refining and transporting costs - since we no longer incur the expense of transporting to Switzerland.
Total refining transport and insurance costs under the previous arrangements were approx. $6-7/oz. Under the new arrangements they will be a little lower by approx. $2/oz - not material enough to warrant separate disclosure -
Fyi. do a dd...for a low cost gold mines producer with very low labour cost and taxes....