Small-scale and artisanal miners have applauded the Reserve Bank of Zimbabwe’s (RBZ) decision to temporarily suspend plans to withhold 10 percent of foreign currency earnings from gold producers, a move that allows miners to retain 100 percent of their export proceeds.
The announcement, made through a Monetary Policy Committee statement following last Tuesday’s meeting, marks a reversal from the earlier 90 percent retention threshold.
The adjustment is aimed at easing operational pressures and reinforcing confidence in the gold sector, particularly among small-scale producers who contribute significantly to national output.
The Zimbabwe Miners Federation (ZMF) welcomed the development, saying the decision will boost efficiency and reduce challenges that previously hampered deliveries.
ZMFpresident, Henrietta Rushwaya said the policy shift was both timely and encouraging.
“As small-scale and artisanal miners, we appreciate the position taken by the Central Bank, as it will restore confidence in the sector. It removes bottlenecks and operational challenges that had affected deliveries,” she said.
Industry players say the decision will help reduce costs associated with currency conversion, improve liquidity, and limit exposure to the parallel market.
Sheveza Mining Syndicate’s Shamva representative, Rostina Shereni said the move directly addresses long-standing concerns from miners.
“This is a huge step for the industry and it will cushion us from various pressures, but most importantly, restore confidence for players,” she said.
Zvishavane-based miner, Charles Shava echoed similar sentiment, noting that the measure creates room for growth, stability and increased investment in operations.
Latest figures from Fidelity Gold Refiners indicate strong performance in the sector, with gold output rising to nearly 3.5 tonnes, up from 2.6 tonnes during the same period last year, an increase largely driven by small-scale miners.
