Two-thirds Of Gold Produced Is Smuggled – Deputy Mines Minister

The Deputy Minister for Mines and Mining Development Polite Kambamura revealed that the country is losing the bulk of its gold through smuggling.

Private gold dealers reportedly pay higher prices for gold than what Fidelity Printers offers.


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Fidelity Printers is the gold buying arm of the Reserve Bank of Zimbabwe (RBZ). Said Kambamura:

What is a being channelled to Fidelity is only a third. I believe we are already producing 100 tonnes of gold as a country, but I am convinced that we are losing out to smuggling and under-declaration (of gold).

Kambamura added that whereas average gold production is 2.5 tonnes a month, from November, the government only received 20 kilograms:

Our average production is 2.5 tonnes a month, but from November, we were operating at 47% and the bad news is that we have only received 20kgs.

Related:

More: NewZwire.com

Polite KambamuraReserve Bank of Zimbabwe

Polite Kambamura is a Deputy Minister in Ministry of Mines and Mining Development. Read More About Polite Kambamura

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

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One Comment on “Two-thirds Of Gold Produced Is Smuggled – Deputy Mines Minister

  1. Very possible the government should offer lucrative deals to the lure small scale miners and also put strict measures to curb unlicensed buyers.

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Two-thirds Of Gold Produced Is Smuggled – Deputy Mines Minister