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RBZ Update On Miners' Payment Of 50% Of Royalties In Gold, Platinum, Diamonds, Lithium

RBZ Update On Miners' Payment Of 50% Of Royalties In Gold, Platinum, Diamonds, Lithium

The Reserve Bank of Zimbabwe (RBZ) has announced measures that will be taken to implement the policy which directs miners to pay fifty per cent (50%) of royalties due to the state in the form of the concerned mineral. In a statement seen by Pindula News, the governor of the RBZ, John Mangudya said:

COLLECTION, HOLDING AND MANAGEMENT OF RESERVE ASSETS BY THE RESERVE BANK OF ZIMBABWE

Following amendments to Finance Act [Chapter 23:04] and the Reserve Bank of Zimbabwe Act [Chapter 22:15], respectively providing for, (i) the collection of fifty per centum (50%) of royalties in kind, that is to say, in the form of the mineral concerned, and (ii) the Bank to maintain, over and above gold, reserve assets in the form of diamonds, platinum and lithium (and any other precious stone or precious or valuable metal specified by the Bank by notice in a statutory instrument) in a form and of a purity or of a quality or of a kind specified by the Bank, the Bank wishes to advise miners/mining houses, relevant stakeholders and the public of the following arrangements to implement the legislative changes:

(a) With effect from 1 October 2022, miners of gold, diamonds, platinum and lithium (and any other precious stone or precious or valuable metal specified by the Bank by notice in a statutory instrument) shall be enjoined to pay fifty percent of royalties due to the State in kind, that is, in the form of the mineral concerned.

(b) The rationale for the legislative changes is to enable the Bank to collect, hold and manage reserve assets for the benefit of the Republic of Zimbabwe and as such all in-kind royalties shall be delivered to the Bank.

(c) The delivery of in-kind royalties to the Bank, and holding, maintenance and subsequent marketing of same, shall be subject to and in compliance with applicable industry practices and regulatory requirements.

(d) It shall be the responsibility of the Bank to facilitate the collection or delivery of the in-kind portion of the royalties and for the avoidance of doubt, only the cash portion shall be collectible by ZIMRA.

(e) In order to ensure that the value of the reserve assets held is preserved or enhanced, the Bank shall have the discretion to determine which prescribed mineral or metal to keep, hold or maintain from time to time, as dictated by prevailing local and international economic conditions and commodity pricing trends.

(f) In line with its mandate to hold, maintain and preserve the value of the reserve assets, where the Bank considers and determines that it is not economical or possible to keep any mineral or metal specified in terms of section 49(1)(c1) of the Reserve Bank of Zimbabwe Act [Chapter 22:15], it shall facilitate and make arrangements that the portion of the royalty payable in kind is converted to cash which the Bank will utilise to procure and purchase another specified mineral or metal, for the equivalent value, which it will keep as a reserve asset.

John P Mangu ya Governor 25 January 2023

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12 Comments

Patriot 3 days ago

That's a welcome move and it will go a long way in stabilizing our economy.


3 days ago

Stabilizing the thieves' pockets while thousands will lose jobs as some business minded Investors may pull out sorry I'm just saying this to you as it may damage your shallow mind­čĄę

Jinn 3 days ago

b) The rationale for the legislative changes is to enable the Bank to collect, hold and manage reserve assets for the benefit of the Republic of Zimbabwe and as such all in-kind royalties shall be delivered to the Bank.

These are lies it's for their own benefit,the few ZANU Pf elites.


3 days ago

Wabaya Dede nemukaknwa. Only a few will benefit. Infact they are preparing their retirement packages in mineral resources.

B 3 days ago

Ana patriot tibvirei apa munozivei nezve economics basa kutumwa kurova chete


F┼źhrer 3┬ádays ago

Ungade urumende yakasvonaka kupfura apa unoiwanepi kana ku CCC akuna yakadero yaki ino yakasvonaka zvekuti heki.


Machiavelli 3 days ago

Paye takakudaidzai kuti huyai ne huwandu hwenyu tikupei ma mask akanzi CCC. Ikozvino tine ma underwear, mabhurugwa ma nduwe akanyorwa futi kunzi CCC, chakanakira pama nduwe Aya ndemahara


pk 3 days ago

hakuna chinonzi chemahara. pane anenge abhadhara

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Movie- style 3 days ago

Some of these policies are borrowed from movies where they have proved to be functional.


kkkk 3 days ago

munhu wenyama wese ane weakness yake iyoyi zanu pf munoti onoba ukuwo ccc ine weakness yekuti vamoriri vemud****bha vanoziva kuti ndimo muno hwona opposition havade kupavamwe mukana tatova nemacarrier politions kuopposition vakutokinda vamwe veku pf kugara pabasa.if ccc is serious about change i. zim it must discud some of the dead wood within its mps,and cllr who have been leaders since the formation of mdc


Zuze 2 days ago

Methinks this advice is more appropriate for ZANU than CCC.

musorobhangu 2 days ago

taita Mari munyika medu , chiregayi tivone



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