https://www.bloomberg.com/news/articles/2020-12-16/zimbabwe-central-bank-to-sell-gold-unit-stake-to-lift-compliance https://www.herald.co.zw/rbz-to-offload-fidelity-printers-stake/ https://www.businesslive.co.za/bd/world/africa/2020-12-17-zimbabwes-central-bank-ends-gold-monopoly/

Dec. 18, 2020

The Reserve Bank of Zimbabwe (RBZ) is ceding a controlling stake in the country’s sole gold buyer and refiner, Fidelity Printers & Refiners, in an effort to boost compliance levels in the trading of the yellow metal. Fidelity, which is responsible for printing and minting Zimbabwe’s local currency, will first have to be split into two before the gold buying and refining side of the business is sold. Once split, the RBZ will cede a 60 percent stake of the gold buying and refining business to miners

One hundred percent (100%) US$ payment of all gold sales to Fidelity Printers and Refineries (FPR)

State gold buying entity, Fidelity Printers and Refineries (FPR), has finally yielded to pressure from gold miners and will with immediate effect settle payments 100 percent in US Dollars. FPR had all along been paying 55 percent in USD with the remainder being settled in local currency at the prevailing interbank exchange rate.

Cabinet approved $350 Million ZISCO Deal

Government approved a $350 million investment deal in which ZimCoke (Pvt) Ltd will revitalise the coke plant within Ziscosteel, creating more than 800 jobs for a company that is to employ 5 000 people at its peak. Of the $350 million, $133 million will be a capital injection, while $225 million will cover the debt owed by Ziscosteel to German bank, KFW. This will give ZimCoke full ownership of the coking plant. At full tilt, the project is expected to produce 500,000 tonnes of coke annually, for both local use and export markets. Government’s Transitional Stabilisation Programme (TSP) targets reopening of closed mines, expansion of those that are operating below capacity and opening of new ones.