{"id":2309,"date":"2019-01-22T18:13:37","date_gmt":"2019-01-22T18:13:37","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=2309"},"modified":"2019-01-22T18:13:37","modified_gmt":"2019-01-22T18:13:37","slug":"forex-shortages-threaten-gold-production","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/forex-shortages-threaten-gold-production","title":{"rendered":"\u2018Forex shortages threaten gold production\u2019"},"content":{"rendered":"<p>THE country\u2019s gold sector is in a precarious situation after it emerged that the Reserve Bank of Zimbabwe (RBZ) has not been paying primary gold producers for the last three months, NewsDay has established.<span id=\"more-3096224744011615\"><\/span><\/p>\n<p>The current state of affairs has resulted in gold suppliers threatening to cut off their supplies to large-scale gold producers as they were now also owed large sums of money.<\/p>\n<p>Primary gold producers get 55% of their delivery in foreign currency, with the rest paid in bond notes (a local fiat currency).<\/p>\n<div id=\"newsd-1511203150\" class=\"newsd-2nd-advert-incontent\">\n<p>Industry sources told this paper that primary gold producers have been involved in marathon meetings with the central bank to find a lasting solution to the biting problem.<\/p>\n<p>Chamber of Mines chief executive Isaac Kwesu confirmed the delays and indicated that the miners were engaging the RBZ to resolve the problem.<\/p>\n<p>\u201cYes, there have been these delays and we are engaging with the RBZ so that they expedite the process,\u201d he said.<\/p>\n<p>\u201cThe problem we have is that our suppliers now demand payment in US dollars and yet we get 50% in forex and the other 50% in RTGS. We expect our authorities to avert the situation because once payment is delayed or stopped, the production cycle is affected\u201d.<\/p>\n<p>Suppliers of critical raw materials who spoke to NewsDay said they had not received payment for their supply from gold producers for almost two months, as such they were reeling under serious operational challenges.<\/p>\n<div id=\"newsd-1849338988\" class=\"newsd-2nd-advert-incontent-250\">\n<p>\u201cWe are not getting any payments for supplying consumables.We supply drilling consumables, which are used to blast the stones underground. We also supply drill steel, drill bits and jack hammers, but it\u2019s now almost three months without getting paid. We are grounded,\u201d said one supplier on condition of anonymity.<\/p>\n<p>Efforts to get a comment from Fidelity Printers and Refineries (FPR), the central bank\u2019s subsidiary, which is licensed to buy gold from large-scale producers, small-scale producers and holders of gold buying permits did not yield any results.<\/p>\n<div id=\"newsd-697424767\" class=\"newsd-ads-links\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>THE country\u2019s gold sector is in a precarious situation after it emerged that the Reserve Bank of Zimbabwe (RBZ) has not been paying primary gold producers for the last three months, NewsDay has established. The current state of affairs has resulted in gold suppliers threatening to cut off their supplies to large-scale gold producers as [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":308,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[83,187,251],"class_list":{"0":"post-2309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-economy","10":"tag-forex","11":"tag-us-dollar"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Forex shortages threaten gold production\u2019 - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/forex-shortages-threaten-gold-production\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Forex shortages threaten gold production\u2019\" \/>\n<meta property=\"og:description\" content=\"THE country\u2019s gold sector is in a precarious situation after it emerged that the Reserve Bank of Zimbabwe (RBZ) has not been paying primary gold producers for the last three months, NewsDay has established. 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