Zimbabwe to allow miners to export portion of their gold

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 $1.2bn 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.
Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/

Related
Declines for PGMS and gold industries in Q1 2025 16 May 2025 Sibanye-Stillwater Q1 2025 operating results "pleasing" 13 May 2025 DRDGold celebrates 130 year on JSE as increased gold price delivers 7 May 2025 Downward mining input cost trends suprising given volatility in economy 6 May 2025 Botswana’s Mupane Gold Mine to be sold 6 May 2025 Mining production decline points to Q1 2025 contraction 16 Apr 2025