Zimbabwe’s small-scale gold miners will now be required to surrender 10% of their export earnings to the Reserve Bank of Zimbabwe (RBZ), as authorities move to formally include the segment in the export surrender framework and curb arbitrage opportunities within the gold marketing chain, Mining Zimbabwe can report.
By Ryan Chigoche
The policy shift was announced by RBZ Governor John Mushayavanhu in his Monetary Policy Statement released today. Until now, small-scale miners were exempt from export surrender requirements and retained 100% of their export proceeds.
Under the new measures, small-scale gold miners will retain 90% of their export earnings and surrender 10% to the central bank. Previously, they enjoyed full retention of their export proceeds.
Explaining the rationale behind the decision, Mushayavanhu said the central bank was seeking to ensure fairness across the sector while tightening regulatory loopholes.
“You remember, when I first came in, I said this is not Animal Farm, where some animals are more equal than others. So we now want to start gradually bringing the small-scale gold miners into the net. So, for now, they are going to have to surrender 10% and retain 90%, and the figure will be reviewed as we go. So, it’s 70% retention for everyone; for small-scale gold miners, it’s 90%,” Mushayavanhu said.
“We are also beginning to see arbitrage activities where large-scale gold miners will now market their gold via small-scale miners, and we want to stop that,” he added.
The development is significant, given that small-scale miners have in recent years emerged as the dominant contributors to gold deliveries to Fidelity Gold Refinery. Artisanal and small-scale producers have consistently accounted for the bulk of national gold output, often surpassing large-scale mining houses in monthly deliveries.
Their strong delivery performance has made them a critical pillar of Zimbabwe’s foreign currency inflows, particularly as gold remains the country’s leading export earner. By bringing small-scale miners into the surrender net, the central bank is widening its foreign currency mobilisation base while seeking to eliminate distortions within the gold marketing system.
Although the 10% surrender requirement is modest, the gradual approach signals the RBZ’s intention to progressively align retention thresholds across the gold sector. The Governor indicated that the ratio for small-scale miners will be reviewed over time as authorities assess compliance and market dynamics.
With small-scale miners now formally incorporated into the export surrender framework, the gold sector enters a new regulatory phase that could reshape foreign currency flows and marketing practices within Zimbabwe’s mining industry.
