The Fidelity Printers and Refinery has begun paying 100% United states Dollars cash to small scale gold producers whilst large scale will be paid at 70/30 payment scheme, Zim Morning Post can report.
This was revealed in a press statement by the gold buying company released on 26 May.
“Gold producers shall be paid a 70/30 payment arrangement scheme in terms of which 70% of the gold sale proceeds shall be paind into the producer’s Nostro account and the balance of 30% shall be paid into the local currency at the ruling exchange rate into the producer’s ZW$ account,” read the statement.
Fidelity Printers has also classified small scale miners from large scale mining in its payment scheme.
“Small scale gold buying agents and artisanal producers shall be paid in cash at a flat price of forty-five United states dollars(USD45.00) per gram of fine gold.
The new arrangement will see small scale producers being paid a flat rate of US$ 45 and the small scale producers are those that produce less than 50 kilograms of gold every month.
The new payment comes at a time the Zimbabwean dollar is losing its value everyday leaving gold producers short changed and forcing some of them to resort to illegal forex dealing to reduce their loses.