Payments for mining firms taking up to 3 months to go through

The operations of mining companies in Zimbabwe is being hindered by their inability to make timely payments to suppliers outside the country. Due to the shortage of foreign currency, payments are taking up to 3 weeks to clear. Chamber of Mines economist Pardon Chitsuro told a Parliamentary Committee on Finance that miners were facing delays of up to three months to have their payments processed.

Chitsuro said:

We have been facing a crippling foreign payments gridlock with delays of up to 12 weeks impacting negatively on production….we continue to appeal to the reserve bank to prioritize the mining sector in light of its centrality in terms of generating foreign exchange

Mining earns more than half of Zimbabwe’s foreign earnings. For the first 9 months of 2016 mining earned $1.3 billion dollars.

More: New Zimbabwe

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