https://www.miningweekly.com

Zimbabwe to allow miners to export portion of their gold

28th June 2021

By: Reuters

  

Font size: - +

Zimbabwe's central bank will allow large-scale gold mining companies to directly export a portion of their bullion, an official said, as the bank gradually eases its control of gold trading in the country.

The central bank-owned Fidelity Printers and Refiners (FPR) is the sole buyer, refiner and exporter of gold in the southern African nation but has at times struggled to pay producers.

Reserve Bank of Zimbabwe's director of exchange control Farai Masendu said in a circular that miners who increased gold production above their average monthly output would be allowed to directly export that portion.

This would "enable them (gold miners) to secure funding in form of gold loans, to enhance their gold production," said Masendu.

The central bank plans to unbundle FPR into two separate companies and sell a majority stake in the new gold refinery business to miners.

The government says gold worth $1.2 billion is illegally exported from Zimbabwe annually. Small-scale miners, which extract most of the precious metal in Zimbabwe, blame low prices and late payments by FPR for the leakages. 

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 1.019s - 110pq - 2rq
Subscribe Now