The Chamber of mines of Zimbabwe ( CoMZ) has hailed the Reserve Bank of Zimbabwe (RBZ) for clearing gold buying arrears.
Chamber of Mines of Zimbabwe chief executive Isaac Kwesu, said the central bank has paid off all monies owed to gold producers and the Apex bank is now paying for deliveries on time.
“All outstanding payments have been cleared and payments are now coming timeously except in one or two instances when payments may be delayed by a week at most, but most of the previous challenges were resolved.
“There were huge amounts of outstanding payments; some for as long as six months, but they have all been cleared. The only issue the miners want to discuss with the central bank is the issue of (forex) retention thresholds, which we want the bank to review,”he said.
Under Zimbabwean laws, only Fidelity Printers and Refiners have the mandate to purchase gold from miners.
The law also says gold miners can only retain 55% of their earnings in foreign currency, while the balance is paid in local bond notes.
The sole buyer, Fidelity, has been failing to pay for gold deliveries, forcing miners to struggle to pay for critical raw materials and consumables needed to keep gold production running.