Reserve Bank to pay gold miners incentives

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In a bid to enhance gold production in the country, Reserve Bank Of Zimbabwe through its subsidiary Fidelity Printers and Refiners  (FPR), will pay an incentive of 10% on the 45% portion that is currently being paid in RTGS dollars to miners.

FPR announced the development in a statement issued on Wednesday.

“Under the current retention arrangements, gold producers retain 55% of the price of gold delivered in their Foreign Currency Accounts (FCAs) and the balance of 45% of the purchase price is paid in RTGS dollars at the ruling interbank exchange rate. FPR will pay an incentive of 10% on the 45% portion to be paid in RTGS dollars.”

While gold has remained the main foreign currency earner in Zimbabwe, FPR plans to enhance its production.

“Fidelity Printers and Refiners (Private) Limited (FPR) would like to advice the public that as a way to further enhance gold production in Zimbabwe, it will pay an incentive over and above the purchase price of gold delivered.”

In 2018, Zimbabwe managed to surpass its 30 tonnes target set by Government and FPR is  working towards the attaining 100 tonnes per year target within the next five years in line with Vision 2030 by which Zimbabwe should be an upper middle income earning country.

President Emmerson Mnangagwa has said the mining sector together with other key sectors among them agriculture and tourism, should play an integral part towards the attainment of Vision 2030 with mining alone expected to generate US$12 billion worth of exports annually.

Mines and Mining Development Minister Winston Chitando, is on record saying Government is working on a three pronged approached to make sure that it gets to 100 tonnes annually within the next five years.

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