Miners To Retain 55% Forex From Mineral Exports

In an interview with The Chronicle on the sidelines of the just-ended 2019 Parliamentary pre-budget seminar in Bulawayo, RBZ Governor John Mangudya said miners will retain  55 percent of foreign currency from mineral exports.

Mangudya said they reached an agreement with the Chamber of Mines where its members will retain 55% up from 30 percent of their export proceeds. Said Mangudya:

We have agreed together with the Chamber of Mines that we give them 55 percent retention of forex of their mineral proceeds. The balance of 45 percent is required by the country to buy fuel and to import critical imports Zimbabwe requires. If the miners are allowed to retain 100 percent of their forex, how will these MPs import their vehicles, which they so wish and which they call ‘tools of trade’.

Early this month, the Zimbabwe Stock Exchange-listed RioZim Limited, announced that it had suspended production at three of its gold mines citing a shortage of foreign currency to import critical consumables and spare parts.

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