Zimbabwe allows miners, exporters to keep more forex from exports
Zimbabwe's central bank on Thursday said it will allow exporters, including miners, to keep 75% of their export earnings in foreign currency after the current cap of 60% drew complaints from the industry.
The new measure, however, falls short of miners' demands to keep 80% of their export earnings in foreign currency.
The foreign currency-starved southern African country requires all exporters to convert part of their export earnings into local currency at an official exchange rate significantly higher than the widely used black market exchange rate, leading to losses for the businesses.
Some international miners with operations in Zimbabwe include Anglo American Platinum, Impala Platinum, Sibanye-Stillwater, Zhejiang Huayou Cobalt, Sinomine Resource Group, Tsingshan Holding Group and Sinosteel Corporation.
"Export retentions have been increased and standardised at 75% across all sectors," the Reserve Bank of Zimbabwe (RBZ) said in a monetary policy statement on Thursday.
Zimbabwe has significant mineral resources, including gold, platinum group metals, coal and lithium, which has attracted international firms, especially from China. Over the years, the country has struggled to attract significant foreign investment due to concerns over foreign currency rules and policy uncertainty.
In December, Zimbabwe banned raw lithium exports, targeting marauding artisanal miners who were digging up old mines in search of the mineral.
However, the ban triggered fears Zimbabwe could be defaulting to a resource nationalism stance, four years after the government scrapped a law that required local control of all major mines.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones, wear-resistant linings,...
VISIT SHOWROOM
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
