Gold ex­ports ac­crue $614 mil­lion

Chronicle (Zimbabwe) - - Business Chronicle -

ZIM­BABWE has to date ac­crued $614 mil­lion through ex­ports of gold, Mines and Min­ing Devel­op­ment Min­is­ter Wal­ter Chid­hakwa has said.

The min­is­ter, who is also act­ing Min­is­ter of Fi­nance and Eco­nomic Devel­op­ment, said: “Rev­enues from gold are on $614 mil­lion as of last week, which is six per­cent up from the same pe­riod last year. But we be­lieve that we could be much big­ger than that if all the gold was be­ing ac­counted for.”

Min­is­ter Chid­hakwa said the Re­serve Bank of Zim­babwe’s ex­port in­cen­tive was par­tic­u­larly higher for small-scale gold pro­duc­ers, at five per­cent, in or­der to curb gold leak­ages.

“In re­spect of the big guys we know that the chances of them play­ing games is next to nil, so we gave them 2,5 per­cent but the small pro­duc­ers we said let’s give them a lit­tle bit more so that we can mop all that up,” he said.

The RBZ’s Ex­change Con­trol Divi­sion has since said that re­source based large min­ing ex­porters will be en­ti­tled to 2,5 per­cent ex­port in­cen­tive scheme pro­vided that they do not have over­due ex­port pro­ceeds. On the other hand, other min­ing ex­porters would be en­ti­tled to the full five per­cent ex­port in­cen­tive scheme. Ac­cord­ing to Dr Neb­son Mupunga, a prin­ci­pal di­rec­tor in the cen­tral bank’s Ex­ter­nal Sector Eco­nomic Re­search Divi­sion the in­cen­tive has seen an up­turn in gold de­liv­er­ies to Fidelity Prin­ters.

“In terms of the min­ing sector, this in­cen­tive will ac­tu­ally cush­ion min­ers from the ef­fects of de­clin­ing in­ter­na­tional com­mod­ity prices. — BH24.

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