THE trial of gold dealer Baron Dube who allegedly shot and killed a member of a rival mining gang in Esigodini following a dispute, resumed yesterday at the Bulawayo High Court with the accused person trying to exonerate himself by claiming the firearm accidentally discharged. Dube (44) of Habane Extension township appeared before Bulawayo High
Gold submissions to Fidelity Printers and Refiners could further dwindle as the sole buyer has been out of cash at its various centres across the country for days. The country’s sole gold buyer is currently going through turbulent times as it is failing to import cash because of imposed global travel restrictions due to the
Zimbabwe’s mines have hailed the decision by Fidelity Printers and Refiners (FPR) to increase the foreign currency retention threshold for gold miners as a step in the right direction and a development that will significantly enhance the viability of mines. Chamber of Mines of Zimbabwe (CoMZ) chief executive Isaac Kwesu said in an interview that
THE Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has directed all banks to review downwards Zipit transaction limits to ZWL$20 000 a day from ZWL$100 000 following abuse of the facility by illicit foreign currency dealers. In a statement yesterday the Apex bank unit said it has directed Zimswitch, which operates the Zipit
Reserve Bank of Zimbabwe (RBZ) governor, Dr. John Mangudya, yesterday said the bank found a sustainable way to manage funds required to make consistent US dollar cash payments to small gold miners. This came after RBZ unit, Fidelity Printers and Refiners, failed to pay small scale gold miners in the last two weeks, as limited
A LOCAL businessman has been sentenced to 10 years imprisonment by a Bindura magistrate for swindling his Singaporean business partner of an investment worth US$517 000. Fradreck Utsiwegota (38) fraudulently changed the shareholding structure and sold the mining company’s assets using a fake writ of execution order. He will spend seven years in jail after
Former ZANU PF Central committee member, Munyaradzi Right Banda and his friend, Leonard Chiteka, were arrested for allegedly conning Chinese company of US$50 000 in a mining licensing deal. Banda and Chiketa appeared at the Harare magistrates court yesterday charged with fraud.They were not asked to plead when they appeared before magistrate Barbra Mateko, who
The Zimbabwe Miners Federation would like to appreciate the recent review by FPR in the gold trading framework as announced through its Press Statement of 26 May 2020. The review provides for a flat price of US$45/ gram delivered by small scale producers and a 70/30 framework for large scale gold producers. ZMF is of
What is fine gold and how do we make our gold fine? This was yesterday’s biggest concern after the recent announcement by the Reserve Bank of Zimbabwe of the forex retention increase for gold submissions. The RBZ increased forex retention from 55% to 70% a move positively received by miners. The Bank also announced that
AngloGold Ashanti Ltd. has reported 164 cases of the novel coronavirus among its workers at a gold mine in South Africa, raising new questions about how to prevent the virus from spreading in deep underground mines. The cases were discovered at Mponeng, the world’s deepest mine, where operations extend as far as four kilometres beneath
