FULL TEXT: Govt Reviews Gold Trading Framework, Producers To Get 30% Of Their Funds In Local Currency

The government has reviewed the gold producer trading framework. The previous arrangement saw producers walking away with 55% in USD and the remainder being paid using Zimbabwe Dollars.

According to the following statement, gold producers will now get 70% of their proceeds in USD:

With effect from 26th May 2020, the gold trading framework in Zimbabwe has been reviewed as follows:

1. Gold producers shall be paid under a 70/30 payment arrangement scheme in terms of which 70% of the gold sale proceeds shall be paid into the producer’s Nostro account and the balance of 30% shall be paid in local currency at the ruling exchange rate into the producer’s ZW$ account.
2. Small scale gold buying agents and artisanal producers shall be paid in cash at a flat price of forty-five United States dollars [USD45.00] per gram of fine gold.
3. Large gold buying agents must have a mining operation producing a minimum of fifty (50) kilograms fine gold per month to qualify for a Fidelity Printers and Refiners (FPR) agency permit.
4. Small scale gold buying agents will have to enter into an Agency Agreement with FPR, which contract shall clearly spell out the terms and conditions under which the agents shall operate.
5. FPR and the National Gold Monitoring Teams are enhancing surveillance to ensure that all gold is sold through FPR in line with the country’s regulations.

All persons wishing to continue as FPR gold buying agents are advised to contact Fidelity Printers and Refiners to regularise their operations in line with the new gold trading framework.

Fradreck Kunaka General Manager

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