Zimbabwe dumps minerals marketing system

Zimbabwe will in February adopt the free-on-board (FOB) and cost, insurance and freight (CIF) arrangements in selling minerals and metals , dumping the ex-works system as it moves to make miners realise more from minerals and metals.

Under the current ex-works marketing basis, miners sell their minerals and metals to buyers at the mine.

But, under the new arrangement, miners will now, through Minerals Marketing Corporation of Zimbabwe (MMCZ), ship their minerals and metals to the ports.

The new critical arrangement would also mean that the government gets more revenue from the sale of metals and minerals away from the mines, MMCZ general manager Tongai Muzenda said.