- Write by:
-
Thursday, December 17, 2020 - 1:42:36 PM
-
1131 Visit
-
Print
Mining News Pro - Zimbabwe`s central bank will unbundle its gold refining and printing unit into two separate companies and sell a majority stake in the new gold refinery business to miners, governor John Mangudya said on Wednesday.
Reserve Bank of Zimbabwe`s Fidelity Printers and Refiners (FPR) is the sole buyer, refiner and exporter of gold in the country but the government has come under pressure to allow private players to also refine bullion.
Mangudya said the bank would retain 40% shares in the new gold refining business and sell the balance to large scale and small scale gold miners.
"The unbundling of FPR is meant to partially privatise the gold refining business by allowing private players to acquire a stake therein," Mangudya said.
Mangudya said the central bank would continue to hold 100% shareholding in the printing and minting business for national security reasons.
The government says gold worth $1.2-billion is illegally exported from the country annually and small scale miners, who extract most of the precious metal in Zimbabwe, blame low prices and late payments by FPR for the leakages.
Short Link:
https://www.miningnews.ir/En/News/609782
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
No comments have been posted yet ...