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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

Zimbabwe’s mineral revenue declined from US$2.9 billion in the first half of 2022 to US$2.6 billion in the first half of this year, reported <a href="https://www.newsday.co.zw/business/article/200018961/mineral-revenue-slumps-29">NewsDay</a>.
This has been attributed to a number of challenges including declining commodity prices, foreign currency shortfalls, high-cost structure and capital constraints.
Speaking at the Mining Industry Suppliers Forum held in Bulawayo on Wednesday, Chamber of Mines of Zimbabwe (CoMZ) president Thomas Gono said:
<blockquote>
The performance of the mining sector during the first half of 2023 was mixed, with platinum group metals (PGMs), up 5%, diamond (43%), lithium (100%) and coal (81%) recording output increases, while gold (-12%) and ferrochrome (-17%) recorded output declines compared to the same period last year.
Meanwhile, mineral revenue declined from US$2.9 billion in the first half of 2022, to US$2.6 billion in the same period this year.
</blockquote>
Meanwhile, President Emmerson Mnangagwa on Thursday, 02 November urged miners to invest in value-addition and beneficiation to boost revenues.
Speaking at the official opening of the 26th edition of Mine Entra at the Zimbabwe International Trade Fair (ZITF) in Bulawayo, Mnangagwa said that increased investment in value-addition and beneficiation will make Zimbabwe a world-class exporter of processed minerals and related products.
He assured players in the mining sector that the Government remains committed to creating a conducive investment environment that attracts the necessary capital and technologies.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's Mineral Revenue Declines

Newly-elected Chamber of Mines of Zimbabwe president Thomas Gono (TM) has said his main priority is to address issues that undermine mining operations’ viability, such as power shortages and foreign exchange constraints that have resulted in output declines in the first half of 2023.
In a recent interview with Zimbabwe Independent’s business editor, Mthandazo Nyoni, during which he discussed his immediate and medium to long-term goals for the mining industry, Gono said he plans to engage with the government and national power utility Zesa Holdings to guarantee mining operations adequate power at competitive electricity tariffs and adequate foreign currency for operation and capital expenditures. We present excerpts from the interview:
<blockquote>
MN: What pressing issues do you intend to address right away?
TG: The main issues undermining mining industry viability are power shortages and foreign exchange constraints. In the first half of 2023, most minerals recorded declines in output due to these challenges. Mining companies experienced regular and prolonged power outages during the first half of the year, resulting in production disruptions and output losses.
Further, foreign currency retentions have been under pressure from emerging demands including payment of electricity bills wholly in foreign currency.
Most suppliers of goods and services are now demanding payments exclusively in foreign currency. With most companies undertaking expansion projects, the available foreign currency is now inadequate to meet both the operation and Capex (capital expenditure) requirements. It is in this regard that the chamber will continue engaging government and authorities for adequate foreign currency that meets operational requirements and expansion needs of mining companies. We will also engage (national power utility Zesa Holdings to guarantee mining operations adequate power at competitive electricity tariffs. 
MN: Tell us more about challenges confronting the mining sector, besides the issues that you have mentioned
TG: Apart from foreign exchange and power constraints, the potential of the mining industry is also undermined by capital shortages, high-costs structures characterised by high electricity tariffs, high interest rates and suboptimal royalties specifically for platinum, diamond and lithium operations.
MN: How much did the mining industry spend last year on expansion and new projects? How much do they intend to invest this year?
TG: According to the state of the mining industry survey report released in November last year, most mining companies were undertaking expansion projects. They further indicated that they were planning to increase their level of capital expenditure amounting to US$1,02 billion this year.
MN: Are mining companies making progress on investments into green energy? If so, what kind of impact can we anticipate from these investments?
TG: Mining companies have generally embraced green energy. A number of large mining operations have invested in alternative power sources such as solar energy. One major project that comes to my mind is the Caledonia (Blanket Mine) solar plant, which is now supplementing their power requirements with an additional 30 megawatts. Other companies such as Zimplats have similar plans, and are embarking on the same. 
MN: In terms of mineral sales and earnings, how did the industry fare in the first five months of this year? How do the figures compare to those from the same period last year?
TG: Mineral exports for the period January to May 2023 were US$2,25 billion, compared to US$2,32 billion in the same period in 2022.
MN: Which sector contributed the most?
TG: Gold exports accounted for the largest share of mineral earnings in the first five months of the year, at 35% of the total.
MN: What is your end-of-year outlook for the industry?
TG: The outlook for the rest of the year is positive. With the power situation having generally improved following the synchronisation of Hwange Unit 7 and 8, we believe that most mining companies will increase production and meet their annual targets.
</blockquote>
Gono added that Zimbabwe’s formal mining industry employs at least 53,000 people, with the number expected to exceed 70,000 in the next five years due to ongoing expansion and new projects. The artisanal and small-scale mining sector is believed to employ at least 500,000 people, indirectly supporting approximately 2.8 million people who depend on mining income for their survival. 
Zimbabwe has set a target to achieve a US$12 billion mining sector by the end of 2023. However, the industry has encountered various challenges such as power shortages and mineral leakage, which have hindered its growth. Despite these obstacles, the mining sector remains one of the major revenue earners for Zimbabwe, highlighting its importance to the country’s economy. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Newly-elected Chamber Of Mines President Prioritises Addressing Mining Viability in Zimbabwe

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

Eskom Holdings SOC Ltd., the South African state-owned power utility, is reportedly seeking to replace Zimbabwe as an importer of electricity from Mozambique and Zambia to help ease rolling blackouts.
In a letter addressed to the Chief Executive Officer of the Chamber of Mines of Zimbabwe, ZESA Holdings executive chairman Sydney Gata said Zimbabwe’s contracts with Mozambique’s Electricidade de Mocambique and Zambia’s ZESCO are set to expire at the end of July.
Gata said ZESA Holdings is failing to pay the US$6.3 million monthly import bill to Zambia and Eskom is now “putting pressure” on Mozambique and Zambian utilities to take over the contracts. Said Gata:
<blockquote>
ESKOM is in unprecedented trouble with over 18 000MW of capacity shortfall and is putting pressure on ZESCO, HCB and EDM to take over the same contracts ZESA had secured.
ZESA now has up to 31 July 2022 to draw the supply or else the contracts will be cancelled and the supply re-allocated to other utilities in the SAPP.
Zimbabwe will stand to lose heavily as these contracts are long-term, and at a competitive price.
</blockquote>
South Africa’s President Cyril Ramaphosa said this week Eskom will turn to its neighbours to purchase surplus power to ease power cuts in that country.

SA 'Putting Pressure' On Zambia To Acquire Zimbabwe's Electricity Contracts

State-controlled power utility ZESA Holdings says it is broke and has no capacity to pay for power imports from Zambia and Mozambique.
In a letter dated 20 July 2022, addressed to the Chief Executive Officer of the Chamber of Mines of Zimbabwe, ZESA Holdings executive chairman Sydney Gata revealed that the power utility is struggling to supply customers due to a combination of factors which include demand spike from mining, debts, dilapidated equipment, low tariffs and regional electricity shortages, among others. The letter reads:
<blockquote>
<h2>RE: ELECTRICITY SUPPLY SITUATION</h2>
<h2>BACKGROUND AND RECENT DEVELOPMENTS</h2>
ZESA would like to advise you of the following pertinent developments in the power supply situation;
a) The supply-demand gap is growing at unprecedented rates, driven by a mining economy which is targeting USD12 Billion annual production by 2023. The increase in mining industry demand is also inducing other significant industrial loads. In the past year, ZESA received firm applications for new supply and for current capacity increases from mining and smelting customers alone, aggregating to 2 100MW of additional load by 2025.
b) ZESA is under immense pressure to settle the ballooning power import debt.
C) ZESA had secured an Afrexim Bank facility which it used to pay off the power import debt in February, but the debt is growing back exponentially, posing a threat to the security of supply
d) ZESA has been charging an average tariff of USс9.86/kWh for exporting customers other than Ferrochrome smelters, which however is below cost and hence has been failing to capacitate the Utility to ensure the security of power supply and efficient service delivery.
e) At the current tariffs ZESA is failing to refurbish the generation, transmission and distribution network so as to improve service delivery.
f) Furthermore, there is the incapacitation of operations due to inadequate operational vehicles, machinery, and spares, resulting in deferment of operation and maintenance activities on the transmission and distribution network.
g) Electricity supply is in dire shortage, not only in Zimbabwe but also throughout the SADC Region, as evidenced by ESKOM’s current Stage 6 Load Shedding Status.
h) ZESA has negotiated for power imports with ZESCO – Zambia and EDM – Mozambique. However, since January 2022 ZESA has failed to draw from these contracts because of a shortage of funds as ZESA tariffs cannot sustain the import arrangements.
i) The power import contracts which ZESA had negotiated will not be available beyond the end of July 2022. ZESCO has been spinning the energy it had allocated to ZESA at a huge loss of USD 6.3 million per month since January 2022, due to ZESA’s failure to pay for it.
j) ESKOM is in unprecedented trouble with over 18 000MW of capacity shortfall and is putting pressure on ZESCO, HCB and EDM to take over the same contracts ZESA had secured.
k) ZESA now has up to 31 July 2022 to draw the supply or else the contracts will be cancelled and the supply re-allocated to other utilities in the SAPP. Zimbabwe will stand to lose heavily as these contracts are long-term, and at a competitive price.
l) After studying the various parameters as Operator, distinct from Consumer, ZESA realised that the Utility and the Shareholder are exposed to a commercial and trading risk which they have no capacity to underwrite or mitigate.
m) After predicting the regional supply deficit ZESA is now restructuring electricity markets and trading, so as to link competent producers more directly with competent consumers. That means assigning commercial and trading risks to parties with the requisite capacity to mitigate and underwrite them. This has involved the formation of the Intensive Energy Users Group (IEUG). The IEUG has already adopted a constitution and appointed an interim board. It has also procured comprehensive institutional and regulatory support and permits as required.
n) IEUG is targeting to commence trading on 1 August 2022. The objective is to ensure that all clients with tariff-sensitive operations will have an option of linking directly with the SAPP regional power suppliers to negotiate more favourable tariffs. This is possible and prudent.
<h2>WAY FORWARD</h2>
a) ZESA is no longer able to continue supplying electricity to exporting customers at USс9.86/kWh, as it is unsustainable.
b) Further to that, Hwange Stage 3 Project, which is expected to come in November 2022, will be coming in at USC10.7/kWh, translating to over USc12.0/kWh to end-customers after adding ZESA overheads and use of system charges.
c) The exporter’s tariff will therefore be USc10.63/kWh with effect from 1 August 2022.
d) Customers are also being advised of an option to join the IEUG, which has the potential to negotiate for lower tariffs from regional producers such as EDM, HCB and ZESCO. ZESA’s wheeling charges will be applied at the barest minimum to help ensure the viability of businesses in Zimbabwe.
e) The Utility has acted in good faith and with utmost sincerity to pioneer, design, engineer and negotiate a new and more sustainable electricity commercial and trading structure, which will help to relieve both the risk of capacity shortfall to the customer and tariff pressure to the Utility.
f) All these interventions are meant to end national load shedding in Zimbabwe to the benefit of all.
ZESA requests that you advise all your constituencies of these recent developments. We deeply appreciate the objective engagement with yourselves and eagerly await your response to the mutual success of our mandates and missions.
</blockquote>
The letter was copied to the Minister of Energy and Power Development – Zhemu Soda Deputy Minister of Energy and Power Development – Magna Mudyiwa Secretary for Energy and Power Development – Gloria Magombo Secretary for Mines and Mining Development – Onesmo Mazai Chairman of Zimbabwe Energy Regulatory Board – David Madzikanda.

"ZESA No Longer Able To Supply Power To Exporting Customers At Current Tariffs"

Over 70 per cent of the workers registered with the National Employment Council for the mining industry have been vaccinated against the COVID-19.
This was revealed by the Chamber of Mines of Zimbabwe (CoMZ) chief executive officer, Isaac Kwesu. He said:
<blockquote>
What we know is that quite a significant number, in fact, a majority of miners have been vaccinated and the figure is well above 70 per cent.
</blockquote>
The mining sector has more than 45 000 workers registered with the National Employment Council (NEC) for the mining industry, according to CoMZ.
Meanwhile, Kwesu said that one of the major challenges facing the mining industry was increased demand for payment of mining consumables and services in foreign currency. He added:
<blockquote>
The issue is all about the increase in demand for payments in foreign currency.
You find most local suppliers who provide services to the mining industry are demanding payments in foreign currency and when they accept local currency, they are charging at parallel market rates.
</blockquote>
The official exchange rate on the Reserve Bank of Zimbabwe (RBZ) auction market is at about $109 to the United States dollar but on the parallel market, the Zimbabwe dollar trades at $230 to the greenback.
<h4>More: <a href="https://www.chronicle.co.zw/70pc-registered-mine-workers-vaccinated/">Chronicle</a></h4>

'70 Per Cent Of Registered Mineworkers Vaccinated'

Diamond producers in Zimbabwe have requested the government to reduce royalty rates for the precious stones to enhance viability in the sector.
Royalties for diamond producers are currently rated as 10% of gross revenue, a figure deemed too high by players in the industry.
In its State of the Mining Industry report for 2021, the Chamber of Mines of Zimbabwe said the Government must slash the royalty in line with best practices. It said:
<blockquote>
Diamond producer respondents indicated that the royalty for diamonds at 10% is still one of the highest in the world and is undermining the viability of diamond producers.
They are expecting the government to review the royalty downwards in line with best practices.
</blockquote>
The Chamber said Botswana, one of the largest diamond producers in Africa, also receives 10% royalty on its diamonds.
In his 2020 budget statement Finance minister Mthuli Ncube announced that the Treasury had cut royalties for diamond mining from 15% to 10% of gross revenue, to reduce the cost of extracting deep-seated kimberlite gems.
Ncube said diamond miners were now exploiting deep-lying conglomerate deposits, with a higher cost of extraction, hence the need to revise downwards the diamond royalty.
<h4>More: <a href="https://www.theindependent.co.zw/2021/11/05/diamond-producers-press-for-royalty-cuts/">The Zimbabwe Independent</a></h4>

Diamond Producers Want Royalty Cuts

Zimbabwe’s mining industry has appealed to the government for help after <a href="https://www.pindula.co.zw/Zimbabwe_Electricity_Supply_Authority_Holdings" rel="noopener noreferrer" target="_blank">ZESA Holdings</a> failed to honour electricity-supply contracts.
In a letter written to Finance and Economic Development Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube" rel="noopener noreferrer" target="_blank">Mthuli Ncube</a>, the Chamber of Mines revealed that some companies are going for 3 days a week without power and if the situation persists, mineral production will fall by as much as 30% this year. It said:
<blockquote>We are also appealing for increased power allocation to the mining sector in line with anticipated increased mineral production in 2020.</blockquote>
ZESA Holdings promised mining companies that it would “ring-fence” their power supplies as they were paying electricity tariffs in foreign currency.
However, Zesa’s acting chief executive officer, Patrick Chivaura, has disputed the miners’ position, insisting that the miners are paying less than a third of the US$11 million they agreed to pay each month for electricity.
<h4>More: <a href="https://newzwire.live/mines-appeal-to-mthuli-over-zesa-failure-to-honour-power-deals-warn-of-30-output-drop/" rel="noopener noreferrer" target="_blank">newZWire</a></h4>

Miners Appeal To Mthuli After ZESA Reneges On Electricity Contracts

President Emmerson Mnangagwa has demanded an immediate end to bureaucracy by companies and individuals which he said is frustrating investors.
Addressing delegates at the Chamber of Mines of Zimbabwe (CoMZ) conference at Elephant Hills Hotel and Resorts in Victoria Falls, President Mnangagwa said:
<blockquote>I am also informed that many investors go back home disappointed, after being moved from office to office, people to people; that should stop.
We are determined to progressively eliminate bottlenecks, red tape and all forms of corruption within Government bureaucracy.
We, as the Government, have set up the Zimbabwe Investment Development Authority (ZIDA), which shall be one-stop shop investment centre.</blockquote>
President Mnangagwa reiterated the government’s mantra that Zimbabwe is open for business.
More: <a href="https://www.sundaymail.co.zw/ed-demands-end-to-bureaucracy" rel="noopener noreferrer" target="_blank">The Sunday Mail</a>

ED: "Investors Go Back Home Disappointed After Being Moved From Office To Office, That Should Stop"

The Chamber of Mines of Zimbabwe (CoMZ) yesterday welcomed Government’s decision to liberalise the importation of fuel for industrial use.
CoMZ however noted the need for an upward review of the mines’ foreign currency retention threshold. CoMZ is a private sector voluntary institution whose membership accounts for about 90 percent of the country’s total mineral output. CoMZ chief executive, Isaac Kwesu, said some companies may fail to take advantage of the new intervention by Government due to foreign currency retention threshold. Said Kwesu:
<blockquote>It’s (the liberalisation) good, it is very welcome. But of note is that only those with foreign currency may then find it easy to import fuel into the country. Remember the foreign currency retention threshold we are currently getting was arrived at on the assumption that our fuel needs will be paid for using RTGS balances. What I am saying here is the forex we are retaining is already exhausted by other needs, so for us to benefit from the new regulations, there is a need for the foreign currency threshold we are getting to be increased.</blockquote>
More: <a href="https://www.herald.co.zw/economic-players-welcome-liberalisation-of-fuel-imports/">Herald</a>

Fuel Imports: Miners Call For Upward Review Of Forex Retention Threshold

The Independent reports that mining workers and the Chamber of Mines have agreed to approach the government and table a request for the sector to get at least 80% of their foreign currency earnings.
Associated Mine Workers’ Union of Zimbabwe president Tinago Ruzive told The Independent on Wednesday that they had agreed with the Chamber of Mines to set up a meeting with Mines minister Winston Chitando to discuss the issue of forex retention. Ruzive said if Government agrees to the proposal mine workers can get paid in foreign currency. Said Ruzive:
<blockquote>When we met the Chamber we agreed that we should team up and meet the minister and demand that the sector retains 80% of their forex earnings. If the government agrees to this, it means us as mine workers can be paid in forex.</blockquote>
More: <a href="https://www.theindependent.co.zw/2019/01/18/mining-sector-to-meet-chitando-over-forex-allocation/">Independent</a>

Mining Sector Wants Govt To Allow Them To Keep 80% Of Foreign Currency Earnings

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:
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<blockquote>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’.</blockquote>
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.
More: <a href="https://www.chronicle.co.zw/miners-to-retain-55-export-earnings/">Chronicle</a>

Miners To Retain 55% Forex From Mineral Exports

<a href="http://www.pindula.co.zw/ Chamber_of_Mines_of_Zimbabwe" target="_blank"> Chamber of Mines of Zimbabwe</a>  has said that the country’s struggling mining sector requires at least US$5 billion to resuscitate it.  The mining sector is one of the most taxed in the country  has been in decline recording negative growth in the last two years.
Isaac Kwesu, the chief executive of the Chamber of Mines of Zimbabwe said:
<blockquote>Our industry remains fragile notwithstanding output growth, we still have a high-cost structure compared to other mining jurisdictions, the operating costs characterised by a high electricity tariff, expensive funding and sub-optimal fiscal charges.</blockquote>
More: <a href="https://www.dailynews.co.zw/articles/2016/11/25/mining-sector-seeks-5bn">Daily News</a>

Mining Sector requires US$5 billion for resuscitation

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