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Resource-rich, brains-poor Zimbabwe just can't seem to smarten up
Zimbabwe Gold Producers Warn Currency Shortage Threatens Output
By Godfrey Marawanyika
Monday, October 29, 2018
Zimbabwean gold producers may suspend operations because a foreign-exchange shortage has left them with insufficient funds to cover production costs, the main industry lobby group said.
Curbing output would deprive the country of a key source of export earnings as Finance Minister Mthuli Ncube Ncube tries to stabilize an economy wrecked by the misrule of former leader Robert Mugabe.
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Zimbabwe's mining industry is facing "severe viability challenges" because of the shortage of hard currency, the Gold Producers Committee, an affiliate of the Chamber of Mines of Zimbabwe, said in a report to be submitted to the central bank and seen by Bloomberg. Producers are only allowed to retain 30 percent of the proceeds of gold sales, which isn't adequate to cover the cost of mining the metal, it said.er of Mines of Zimbabwe, said in a report to be submitted to the central bank and seen by Bloomberg. Producers are only allowed to retain 30 percent of the proceeds of gold sales, which isn’t adequate to cover the cost of mining the metal, it said....
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