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The mining industry has proposed increasing the foreign currency retention threshold from the current 75% to 85%. This change would enable miners to better meet their funding requirements, reported <a href="https://www.herald.co.zw/miners-seek-85pc-exports-retention/">The Herald</a>.
In 2023, the Reserve Bank of Zimbabwe (RBZ) had already increased the foreign currency retention threshold for exporters from 60% to 75%.
This adjustment came after exporters complained that the high export surrender requirements made it difficult to access foreign currency for critical expenditure and financing operations.
Mining companies require foreign currency to cover a range of essential expenses, including paying for electricity, which is billed in hard currency, importing critical production inputs, procuring local inputs that are priced predominantly in foreign currency and other necessary financing and operational needs.
In its latest report on the state of the mining industry and prospects for 2025, the Chamber of Mines of Zimbabwe said:
<blockquote>
The current 75 percent foreign currency retention is inadequate to meet operational requirements and funding expansion projects.
The average foreign exchange retention that meets the mining industry’s foreign currency requirements is at least 85 percent.
</blockquote>
According to the Chamber of Mines, the mining sector plans to spend US$600 million on capital expenditure projects. Additionally, mineral exports are projected to reach US$6 billion in the coming year, up from US$5.5 billion in the current year.
The mining industry is a crucial economic driver for Zimbabwe, accounting for:
<ul>
<li>Over 70% of Foreign Direct Investment (FDI)</li>
<li>80% of exports</li>
<li>19% of government revenues</li>
<li>3% of direct formal employment</li>
<li>13.5% of national income</li>
</ul>
Due to ongoing expansion projects in the sector, the number of formal jobs in the mining industry is anticipated to increase by close to 3% next year, rising from the current 57,000 to around 58,700 positions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The mining industry in Zimbabwe wants to be able to keep more foreign currency to help with their expenses. They currently keep 75% of the foreign currency they earn, but want to increase it to 85%. This change will help them pay for things like electricity and buying materials they need. The mining industry is a big part of Zimbabwe's economy, bringing in a lot of money and providing jobs. They have plans to spend a lot of money on new projects and expect to export even more minerals in the future. The government is considering their proposal to increase the foreign currency retention threshold.

Miners Seek Increase In Foreign Currency Retention Threshold To 85%

Large-scale miners project electricity demand and diesel consumption in the sector to increase by 20 percent and 35 percent respectively in 2024 due to ongoing capital projects.
According to a State of Mining Industry Survey Report for 2024 released by the Chamber of Mines last week, the mining sector is expected to consume more electricity and diesel next next compared to this year. Part of the report seen by the <a href="https://www.chronicle.co.zw/electricity-demand-expected-to-go-up-20-percent/">Chronicle</a>, reads:
<blockquote>
On average, mining executives are expecting their operations to consume more power in 2024, compared to 2023. Analysis of survey data shows that electricity demand is expected to increase by around 20 percent in 2024 while diesel consumption is expected to increase by 35 percent. Most respondents cited ongoing capital projects as the major drivers of energy.
</blockquote>
The report, however, noted that mining executives reported that power supply was generally fragile and unscheduled power outages have resulted in production stoppages and output losses.
The mining executives recommended prioritisation of mining companies for available power and incentivise private power projects including tax incentives to support investments in Independent Power Projects that supplement available power.
The Zimbabwe Power Company (ZPC) is currently generating just over 1 000MW, which is far below the required 1 800MW and this has resulted in prolonged power cuts.
Last year, the Government tabled various incentives to attract investments in renewable energy, which include guarantees for investors to remit dividends in foreign currency and be able to repay offshore loans, in a bid to meet its target.
The Zimbabwe National Renewable Energy Policy, launched in 2019 set the target of achieving a renewable capacity of 1 100MW or 16.5 percent of overall electricity supply by 2025.
By 2030, it targets 2 100MW or 26.5 percent of the overall supplies, which is in line with its pledge to reduce greenhouse emissions by 2030.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mining Executives Expect Electricity Demand To Rise By 20 Percent In 2024

The mining industry recorded an increase in mining accidents during the period January to July 2023, compared to the same period last year.
According to the latest State of Mining Industry Survey Report for 2024 released by the Chamber of Mines last week, the mining industry reported 110 fatal accidents during the period January to July 2023, compared to 106 fatal accidents during the same period last year.
The 110 accidents resulted in 120 fatalities and 92 percent of the accidents reported during the period under review occurred underground, with large-scale operations contributing 18 percent to the total accidents. Part of the report reads:
<blockquote>
Of the 20 accidents reported for large-scale mines, 80 percent were in underground operations. Illegal mining operations contributed 22 percent to the total number of accidents. The small-scale mining industry contributed 60 percent to the total number of fatal accidents.
</blockquote>
Speaking to the <a href="https://www.chronicle.co.zw/mining-fatalities-soar-illegal-mining-blamed-for-workplace-accidents/">Chronicle</a>, Chamber of Mines president, Thomas Gono, said that there is a need to educate miners on safe mining methods. He said:
<blockquote>
We are in the process of segmenting the country into different mining districts and identifying large and small-scale miners.
On a quarterly basis, we are going to have stakeholder meetings to discuss safe mining practices to indicate to miners that sustainable mining is more beneficial than haphazard mining.
We are of the view that the awareness programmes will reduce mining accidents.
Most accidents happen because of unsafe methods of mining, therefore, we need to also consult the Government.
</blockquote>
Young Miners Foundation chief executive officer, Payne Kupfuwa, said they are concerned over deaths and injuries that occur in disused mines. He said:
<blockquote>
As an organisation, we have come up with deliberate programmes where we are encouraging people to formalise by grouping themselves into syndicates of six to secure mining rights in different provinces and areas.
</blockquote>
Meanwhile, the Chamber of Mines said that most mining companies have adopted zero-harm initiatives, such as occupational safety and health accidents promotion and environmental protection in order to reduce fatal accidents and other negative impacts of mining on society.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

120 Miners Killed From January To July 2023

Stanbic Bank has called on mining stakeholders to work together to unlock the full potential of the sector and its value chain.
The Standard Bank Group Subsidiary’s Chief Executive (CE), Solomon Nyanhongo said the mining sector has the potential to drive sustainable growth and development across Africa and beyond especially if key stakeholders all work together towards achieving this goal.
Nyanhongo told participants at the just-ended Chamber of Mines Conference that Stanbic Bank is on hand to contribute towards this goal through its regional and international partnerships which give it an edge in the industry. Said Nyanhongo:
<blockquote>
Stanbic has dedicated and experienced relationship managers whose sole purpose is to ensure our clients receive all the necessary support.
The bank also leverages the support of a specialised Mining &amp; Metals desk at Standard Bank Group level which helps us to efficiently assess running mining projects and offer specialised advice where required.
Several mining houses have leveraged off facilities which has allowed them to purchase new equipment and refurbish existing plants.
Stanbic Bank has extended its services to assist clients with the understanding of various exchange control and legislative requirements as changes take place.
The Bank has developed customized financial literacy sessions that speak directly to the mining sector and its operations ensuring total compliance for their clients.
He said Stanbic Bank has adopted an intentional growth strategy for the mining industry for the past 30 years as it plays a pivotal role in boosting the sector in line with National Targets.
To that end, the leading financial services institution commands a 40% market share in the mining sector. 
</blockquote>
Nyanhongo said Stanbic Bank understands the vital role that mining plays in Zimbabwe’s economy and is proud and committed to supporting this industry through its banking services and financial expertise. He said:
<blockquote>
It is imperative to utilise and maximise on platforms such as the Conference and its unique opportunity to come together, share insights and experiences, and collaborate on solutions to the challenges facing our sector and hopefully forge new partnerships.
</blockquote>
The attendance by Standard Bank Group representatives – Mark Buncombe, Global Head Mining, and Sean Evans, Mining Executive – Platinum and Diamonds, demonstrated Stanbic’s commitment and involvement with the Chamber of Mines.
Recent statistics show that Zimbabwe’s Mineral Exports topped US$5,6 Billion in 2022 compared to 2.7 billion in 2017 a 100% growth within a space of 5 years.
Nyanhongo said such a growth rate was commendable given the time mining projects take to reach the full production stage adding that more could be achieved with concerted efforts from all stakeholders.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Stanbic Bank Calls For Unity Of Purpose In Mining

Zimbabwe’s miners are not losing sleep over President Emmerson Mnangagwa’s announcement on Sunday that the government would require companies mining gold, diamonds, lithium and platinum group metals (PGMs) to pay part of their royalties in refined metal rather than cash.
The Chamber of Mines, which represents major mining companies, said the pronouncement would not increase existing royalty rates.
Speaking to Reuters, Chamber of Mines Chief Executive Isaac Kwesu said they “respect” the government’s position. He said:
<blockquote>
We respect the government’s position. It’s their prerogative. All they are saying is they are changing payment modalities.
</blockquote>
One of the foreign companies operating in Zimbabwe, Impala, said it was working with the Chamber of Mines to understand and respond to the new policy.
In an emailed response to Reuters, Impala spokesperson Johan Theron said:
<blockquote>
Paying royalties in U.S. dollars and or partly paying in equivalent metal products, on face value, does not materially alter the cost burden in Zimbabwe.
</blockquote>
Mark Learmonth, the Chief Executive of Caledonia Corporation, one of the largest gold producers in Zimbabwe told Reuters:
<blockquote>
We have not seen the detailed mechanisms whereby this proposal may be implemented, but I do not think it would have any financial or operational effect on our business.
</blockquote>
According to the Zimbabwe Revenue Authority (ZIMRA), mineral royalties accounted for 2.8% of Zimbabwe’s tax revenue in 2021. | <a href="https://www.nasdaq.com/articles/zimbabwe-miners-unfazed-by-new-royalties-proposal">Nasdaq</a>

Zimbabwe Miners Not Worried By New Royalties Proposal

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