Harare – A mining consultant has defended the US$4.2 million Treasury payment to Betterbrands Petroleum, arguing that the company delivers up to US$300 million worth of gold to the country monthly and qualifies for a government-approved incentive scheme.
The payment, leaked in a document that went viral on social media, sparked claims of state looting and preferential treatment involving the Ministry of Finance, Betterbrands and its owner, Mabvuku-Tafara MP Pedzai “Scott” Sakupwanya.
But mining expert Trymore Sibanda has broken ranks with critics, urging journalists and the public to verify facts with Fidelity Printers and Refiners before peddling what he called “misinformation and misleading stories.”
“In the past four years, Betterbrands has delivered up to 60 tonnes of gold – translating to more than US$6 billion earned by Zimbabwe,” Sibanda said. “If Betterbrands can bring in US$300 million in forex a month, surely they qualify for the incentive.”
The 5% incentive scheme, introduced by the government to fight rampant gold smuggling and encourage formalisation of small-scale miners, is triggered once a supplier delivers a minimum of 500 grams of gold. Previously, it applied only to deliveries of 20kg or more.
“Even the smallest miners now benefit,” Sibanda said. “This is official policy, not corruption.”
Criticism had intensified when the incentive was paid to an account under the name Betterbrands Petroleum rather than the company’s mining division. But Sibanda said this was purely an administrative choice.
“They delivered gold, not fuel. There’s nothing corrupt in choosing a preferred payment account,” he said.
He also defended Finance Ministry permanent secretary George Guvamatanga, who signed off on the payment. “Any competent official would have signed the same letter to operationalise this policy,” Sibanda said, quoting blogger Dereck Goto.
He added that gold deliveries jumped by 61% in April 2025 compared to the same month last year – a sign the incentive is working.
The NewsHawks and other media outlets had reported the leak, but Sibanda said the broader context was missing.
“Let’s say thank you to Betterbrands for bringing so much forex into the country,” he concluded, offering to release documents to support his claims.
Sibanda is a mining consultant active in Zimbabwe’s gold trade.
