Business / Economy
Govt launches blitz on gold producers
13 Jul 2015 at 18:05hrs | Views
The government has embarked on a crackdown exercise on all gold producers to ensure compliance with stipulated regulations.
Official sources in the gold mining sector say the crackdown is mainly aimed at assessing whether gold miners are selling the precious commodity through formal channels.
It has also emerged that officials from a Gold Compliance Enforcement Unit, Reserve Bank of Zimbabwe, Zimbabwe Revenue Authority (Zimra), the Ministry of Mines and Mining Development, as well as the Ministry of Finance are being involved in the crackdown process.
Contacted for comment, the Permanent Secretary in the Ministry of Mines and Mining Development, Professor Francis Gudyanga confirmed that the blitz started on Monday, 13 July at all gold mining centres and milling units across the country.
"Indeed, it has started because we want to restore sanity and ensure that gold plays a critical role in the development of this economy," he said.
Government says gold leakages are a major contributor to the drop in gold sales from 27 tonnes in 1992 to 15 tonnes last year.
The government target is to increase gold output to 30 tonnes by 2018.
Official sources in the gold mining sector say the crackdown is mainly aimed at assessing whether gold miners are selling the precious commodity through formal channels.
It has also emerged that officials from a Gold Compliance Enforcement Unit, Reserve Bank of Zimbabwe, Zimbabwe Revenue Authority (Zimra), the Ministry of Mines and Mining Development, as well as the Ministry of Finance are being involved in the crackdown process.
Contacted for comment, the Permanent Secretary in the Ministry of Mines and Mining Development, Professor Francis Gudyanga confirmed that the blitz started on Monday, 13 July at all gold mining centres and milling units across the country.
"Indeed, it has started because we want to restore sanity and ensure that gold plays a critical role in the development of this economy," he said.
Government says gold leakages are a major contributor to the drop in gold sales from 27 tonnes in 1992 to 15 tonnes last year.
The government target is to increase gold output to 30 tonnes by 2018.
Source - zbc
