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African Medallion Group goes global

Business, News
(29 January 2019 – Article from African Daily Voice)
Frank Buyanga with President Ramaphosa and President Kabila
Business man in glasses sitting in between former DRC president Joseph Kabila on left and South Africa president Cyril Ramaphosa on right, PHOTO: SA Media

JOHANNESBURG, SOUTH AFRICA (ADV) –Celebrated businessman, Frank Buyanga’s African Medallion Group (AMG) has signed a coin dealership agreement with the South African Mint Company, a subsidiary of the South African Reserve Bank for reselling and redistributing some of its products.

AMG has in recent months been making big moves on the gold scene, which has seen the company’s gold reserves ballooned to R6 billion up from R1 billion a year ago. Eight months ago, AMG completed R100m acquisition of Pagliari Group (Pagliari), a former subsidiary of Rand Refinery (RF) and supplier of high-quality gold products.

The acquisition assisted AMG deal with its value-added products strategy.

Pagliari’s product offering extends across the precious metals value chain which begins with smelting, refining and recovery of precious metals. In addition, AMG manufactures the African Gold Medallion.

The 2 years old start-up’s accelerated growth has given it a boost as it enters the highly unpredictable global market.

Now, with the new SA Mint deal AMG has entered the international market as the company is one of the global preferred manufacturers of coins and coin blanks, with over 120 years’ experience in supplying coins to Africa and the world.

The SA Mint agreement with AMG reads: “The appointment of the Coin Dealer as an official re-seller and re-distributor in terms of this agreement takes effect on the commencement date and continues for the initial term, immediately after which the agreement shall automatically continue for successive periods of 12 months each.”

AMG is expected at its own cost, to promote sales of the products; provide and maintain adequate facilities and personnel for warehousing, merchandising, marketing, reselling and redistributing the products in the territory, among others, as part of the agreement. “Should any dispute, disagreement or claim arise between the parties concerning this agreement, the parties shall try to resolve the dispute by negotiation,” the agreement reads.

Apart from AMG’s successes in business, the group’s humanitarian wing has been also making headlines for supporting n philanthropic causes, with the recent case being in Zimbabwe.

Two weeks ago AMG launched its humanitarian programme to help victims of violence in impoverished Southern Africa nation.

Security forces carried out a brutal clampdown on protests, which had been planned for three days, that left nine people dead and doctors in that country say as many as 68 people were treated for gunshot wounds. At least 17 of them needed emergency surgery.

At the time, company spokesperson Estee Maman said: “AMG management has taken urgent steps to expedite setting up of its humanitarian aid department. Our department is ready to assist those that have been affected by the violence.

“We urge those affected, those needing medical attention due to sustaining severe injuries and those who have lost their loved ones and require burial assistance, to send an email to our Humanitarian Aid Department which is on standby and ready to assist.”

 © Bur-JHB – M.C – African Daily Voice (ADV)

29 January 2019 – Article from African Daily Voice – https://africandailyvoice.com/en/2019/01/29/african-medallion-group-goes-global/

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