Story by Theophilus Chuma
SMALL-Scale and artisanal miners have welcomed a decision by the Reserve Bank of Zimbabwe (RBZ) to temporarily halt plans to withhold 10 percent foreign currency from gold producers, allowing the sector to retain 100 percent of export proceeds.
The move, announced in a Monetary Policy Committee statement following a meeting held Tuesday, marks a shift from the earlier 90 percent retention threshold and is aimed at easing operational pressures in the sector.
The Zimbabwe Miners Federation said the policy adjustment will restore confidence and improve efficiency among producers.
Federation president Ms Henrietta Rushwaya said: “As small-scale and artisanal miners, we appreciate the position taken by the Central Bank, as it will restore confidence in the sector. It removes bottlenecks and operational challenges that had affected deliveries.”
Industry players say the move will reduce costs linked to currency conversion, improve liquidity and limit exposure to parallel market risks, strengthening production capacity.
Sheveza Mining Syndicate-Shamva, Ms Rostina Shereni said the decision addresses long-standing concerns within the sector.
“This is a huge step for the industry… it will cushion us from various pressures, but most importantly, restore confidence for players,” she said.
Zvishavane-based miner Mr Charles Shava also welcomed the development, saying it creates room for growth and stability.
Latest figures from Fidelity Gold Refiners show gold output has risen to nearly 3.5 tonnes, up from 2.6 tonnes recorded during the same period last year, with small-scale miners contributing the bulk of production.
