Zimbabwe’s Blanket Mine owner in new marketing arrangement for gold exports

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By Zimbabwe Investor on January 28, 2014.

Zimbabwe-based gold miner Caledonia Mining has a new marketing arrangement for gold produced at the Blanket mine.

New rules introduced by the Zimbabwean Ministry of Finance mean all gold must now be sold to state-controlled Fidelity Printers and Refiners, which is 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, Caledonia said. The sale of gold to Fidelity replaces the mine’s previous refining and marketing arrangements.

Blanket’s terms of trade will result in the receipt of 98.5% of the value of the gold within a maximum of 7 days of sale to Fidelity.

Caledonia added that Blanket today sold gold to Fidelity with a value in excess of US$3.8mln and expects to receive the proceeds on 29 January.

Caledonia is an African focused mining and exploration company with an operating gold mine in Zimbabwe, a copper-cobalt exploration project in Zambia and two platinum-nickel exploration projects in South Africa. Caledonia is listed on the TSX (CAL), and on AIM (CMCL) and its shares are traded on the NASDAQ-OTCQX (CALVF).

– Proactive Investor