AMG gold reserves top $412m

HARARE - The African Medallion Group’s (AMG) gold reserves last week breached the $412 million mark in the 10 months to October.

“The African Medallion Group is pleased with the current global Gold markets performance. On October 5, 2018, gold was trading at an average of R17’848, which is a 10,43 percent increase since January 1, 2018 when gold was trading at an average of R16’160,” the yellow-metal minting company said in a statement to shareholders.

The two-year old start-up’s accelerated growth has received a boost as it plans to enter the highly unpredictable Zimbabwean market.

This announcement comes a few days after AMG founder, Frank Buyanga, made a daring offer to fund Zimbabwe Sovereign Wealth Fund (SWF), which has stalled since 2014. The South Africa- based businessman offered to fund and capitalise the SWF which is anticipated to assist start-ups in the fledgling neighbouring country.

Zimbabwe, which is heavily indebted and has an unemployment rate estimated at more than 80 percent, has been unable to implement any SWF.

In June, Buyanga’s AMG closed an R100 million acquisition of the Pagliari Group (Pagliari), a former subsidiary of Rand Refinery and supplier of high-quality gold products.

Pagliari, which has a rich history in South Africa stretching way back to 1962, has  produced the largest piece of worked gold — the 18 carat gold Parliamentary Mace —  a piece still exhibited at the Parliamentary building in Cape Town. The Mace has become the foundation and benchmark of quality.

— The Financial Gazette


Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.