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Nqobile Bhebhe, Senior Business Reporter

ONLY gold refiners shall be liable to pay the newly gazetted US$200 000 licence trade fees, the Zimbabwe Reserve Bank Governor, Dr John Mangudya has said.

On Monday, Statutory Instrument 32 of 2023, (Gold Trade (Licence Fees) Amendment Notice, 2023 (No.1) was gazetted indicating that gold licence fees are now pegged at US$200 000 up from US$5 000.

That created a misunderstanding in the gold sector regarding a gold dealing licence and a gold buying agency permit, he noted.

In a statement, Dr Mangudya provided clarity saying the two are distinct.

“It has come to the attention of the Reserve Bank of Zimbabwe (the Bank) that there has been some misunderstanding pertaining to payment of gold dealing licence fees and gold buying agency fees following the publication of Statutory Instrument 32 of 2023, (Gold Trade (Licence Fees) Amendment Notice, 2023 (No.1)), on 20 March 2023,” he said.

“In line with its mandate to promote the development of gold mining and production in Zimbabwe, the Bank wishes to provide clarity as follows: (a) Statutory Instrument 32 of 2023 provides for annual licence fees payable by gold dealers – that is, persons licensed to buy, refine and export gold.

“Thus only gold refiners shall be liable to pay the US$200 000 licence fees. (b) Gold buying agents are issued with permits by holders of a gold dealing licence and in the case of Fidelity Gold Refinery (Private) Limited, the agents are appointed to buy gold on its behalf in areas where it does not have gold buying centres and the permit costs US$2 500 per annum.

“In that regard, a gold dealing licence is distinct from a gold buying agency permit,” said the central bank boss.

In 2018 a pilot project for gold canters was launched in Bubi and in 2019 the Government announced that the centres would be rolled out across the country.

Last year, the small-scale mining industry contributed 69 percent of the record 35,3 tonnes of gold delivered to Fidelity Gold Refiners, Zimbabwe’s exclusive buyer of the bullion produced in the country.

This year, the Government is targeting production of over 50 tonnes.