SA firm toasts to strong performance

HARARE - South African firm African Medallion Group (AMG) was the toast of 2018 after breaking records and setting new standards of excellence as the start-up grew at its fastest rate  amid strong demand of its yellow metals.

The company — which specialises in the manufacturing and distribution of high quality precious metal medallions — introduced a $1 billion gold-backed bond certificate this year, in a development that significantly consolidated the company’s status in the yellow metal sector.

AMG’s gold medallions are already being touted as a potential “future global currency.”

Since inception, AMG’s gold reserves have gone to exceed the billion rand threshold. This is all while also assisting numerous corporate and individual clients to setup their gold portfolios.

AMG has created a much stronger business with sustainable cash flows and the skills and ambition for further growth. In June, AMG closed an R100 million acquisition of the Pagliari Group (Pagliari), a former subsidiary of Rand Refinery and supplier of high-quality gold products.

This also comes amid indications that the bullion initiative launched by AMG is one of a few similarly-styled products, and the project could also help increase beneficiation strategies of the yellow metal.

The AMG gold reserves in October breached the $412 million mark in the 10 months to October.

The yellow-metal minting company said in a statement to shareholders: “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 two-year old start-up - founded in March 2017 - has seen accelerated growth and has also received a boost as it entered the highly unpredictable Zimbabwean market.

AMG has made a daring offer to fund Zimbabwe Sovereign Wealth Fund (SWF), which has stalled since 2014. The South Africa- based firm offered to fund and capitalise the SWF which is anticipated to assist start-ups in the fledgling neighbouring country.

To cap a fine year, the AMG was given a green light by the Zimbabwe government to import basic commodities into the country, in a move which is expected to ease shortages and reduce prices during the festive season.

AMG, which is based in South Africa, plans to use about $35 million to procure and deliver basic commodities, fuel, pharmaceuticals and other products that are in short supply.

 

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Comments (2)

A plate with a mix of roast , salad and dessert.....The vomit.

Jeri - 7 December 2018

Ko kuita zvenyu ma coins e goridhe ana Mbuya nehanda , vaKaguvi , vaMapondera , kana Lobengura zvake na Muzii.....varinani. Mari dzemuzimbabwe dzinogadzirwa ne goridhe redu....vamwe vachirifira.

Common sense - 7 December 2018

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