Fidelity Gold Refinery (FGR) has begun implementing the new policy requiring small-scale gold miners to surrender 10% of their export earnings, following measures announced by the Reserve Bank of Zimbabwe (RBZ), Mining Zimbabwe can report.
The move comes after RBZ Governor John Mushayavanhu introduced the new retention framework in the Monetary Policy Statement released today, which effectively ends the full 100% export retention previously enjoyed by small-scale gold producers.
In a statement, FGR also urged small-scale miners to submit their local currency banking details, with the new retention policy set to be implemented with immediate effect.
“…Fidelity Gold Refinery wishes to advise all stakeholders, particularly small-scale gold producers and gold buying agents, that the 90:10 retention policy will be implemented effective immediately. To facilitate the seamless processing of the ZiG portion of payments, all small-scale miners are urged to ensure that their local currency banking details are submitted to Fidelity…” read part of the statement.
The new policy requires small-scale gold miners to retain 90% of their export proceeds while surrendering 10% to the central bank, which will be liquidated at the prevailing exchange rate.
The adjustment is part of a broader effort to widen foreign currency mobilisation and ensure uniformity in retention structures across the mining sector.
Zimbabwe’s small-scale and artisanal miners have in recent years emerged as the largest contributors to national gold deliveries, often surpassing large-scale mining companies in monthly output.
The policy implementation by FGR signals the beginning of the operationalisation of the new regulatory framework, with industry players expected to adjust their trading and settlement arrangements accordingly as the monetary policy measures take effect.
