- Write by:
-
Wednesday, July 7, 2021 - 18:58:01
-
609 Visit
-
Print
Mining News Pro - Zimbabwe is drafting legislation which will compel small-scale gold miners to register their operations as the southern African nation seeks to curb gold smuggling according to John Mangudya, central bank governor.
“Government is in the process of putting a statutory instrument for all the gold producers, just like what we do under tobacco where there is a grower’s number,” Mangudya told lawmakers in the capital, Harare at a virtual briefing on Monday. “We need to ensure that they do not take the gold out of the country.”
The government keeps a tally of tobacco growers registered with the Tobacco Industry and Marketing Board to regulate the industry.
Zimbabwe’s gold deliveries for the five months through May plunged 24% to 7,030 kilograms from a year earlier, according to Fidelity Printers and Refiners, the country’s sole gold buyer. Authorities blame smuggling for the decrease in gold output.
More than $1.5-billion of gold is illegally shipped out of Zimbabwe every year, depriving the cash-strapped economy of crucial foreign-exchange revenues, according to research organization International Crisis Group. The country seeks to produce 30 tons this year after extracting 19.1 tons in 2020.
Short Link:
https://www.miningnews.ir/En/News/614866
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
No comments have been posted yet ...