Gold support price up

THE Reserve bank of Zimbabwe has reviewed the gold support price from Z$10 million per gram to $50 million as it moves to cushion miners from the ever-increasing operational costs. 

Zimbabwe Mining Federation Chief Executive Officer Wellington Takavarasha said his organisation welcomed the review, adding that it would go a long way in improving production.

“We welcome the latest review because most miners were now struggling to meet their daily expenses. We hope this will help miners acquire some of the machinery they would use in mining operations,” he said.

Takavarasha, however, said the central bank must improve the payment of foreign currency for gold delivered to Fidelity Printers.

Miners get a portion of their payment of gold delivered to the central bank in foreign currency.

Post published in: Economy

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