News / Local
Boost for ZiG as gold deliveries soar
11 Aug 2024 at 18:33hrs | Views
Zimbabwe saw a significant increase in gold deliveries in July, driven mainly by contributions from artisanal and small-scale miners.
Deliveries surged by 33% to 3,495 kg from 2,618 kg in June, with artisanal and small-scale miners contributing 2,343 kg - a 45% increase and surpassing large-scale miners' contributions for the first time in two months. Large-scale miners delivered 1,152 kg, up from 1,000 kg in June.
Zimbabwe Miners Federation (ZMF) President Henrietta Rushwaya praised the rise in deliveries, highlighting the positive impact on the economy and the small-scale mining sector's commitment. She credited Fidelity Gold Refinery (FGR) for incentivizing and formalizing small-scale mining operations, which has helped reduce gold smuggling and improved the sector's efficiency. FGR's 100% forex retention policy has made it the preferred gold collection hub, strengthening support for the new Zimbabwe Gold (ZiG) currency.
Rushwaya urged more small-scale miners to deliver gold to FGR to bolster the gold-backed local currency. Additionally, new regulations now require mining companies to pay 50% of their royalties in kind. Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu noted that reserves backing the new currency had increased from US$285 million to approximately US$370 million over the past three months.
Deliveries surged by 33% to 3,495 kg from 2,618 kg in June, with artisanal and small-scale miners contributing 2,343 kg - a 45% increase and surpassing large-scale miners' contributions for the first time in two months. Large-scale miners delivered 1,152 kg, up from 1,000 kg in June.
Zimbabwe Miners Federation (ZMF) President Henrietta Rushwaya praised the rise in deliveries, highlighting the positive impact on the economy and the small-scale mining sector's commitment. She credited Fidelity Gold Refinery (FGR) for incentivizing and formalizing small-scale mining operations, which has helped reduce gold smuggling and improved the sector's efficiency. FGR's 100% forex retention policy has made it the preferred gold collection hub, strengthening support for the new Zimbabwe Gold (ZiG) currency.
Rushwaya urged more small-scale miners to deliver gold to FGR to bolster the gold-backed local currency. Additionally, new regulations now require mining companies to pay 50% of their royalties in kind. Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu noted that reserves backing the new currency had increased from US$285 million to approximately US$370 million over the past three months.
Source - sundaymail
