Zimbabwe: Govt Pays U.S.$5 Million to Gold Miners Weekly

2 October 2017

Government is shelling out US$5 million towards payment for gold delivered by small-scale miners, which is weighing down the availability for physical cash for ordinary citizens, a Cabinet minister has said.

Over 300 000 artisanal miners are producing about 47 percent of total gold delivered to Fidelity Printers and Refiners (FPR) -- a gold buying unit of the Reserve Bank Zimbabwe. As at June 30, FPR had paid US$350 million for almost 10 tonnes of gold delivered by both, large and small-scale miners. Similarly, the tobacco sector -- which has been democratised since year 2000 when Government redistributed land -- has also put a strain on the availability for cash as over 105 000 households that have joined the sector are getting over US$600 million -- all in cash - per year. Said Minister Chinamasa last week: "Some of our teething problems are a result of our successes. I always mention one, to do with cash shortages.

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