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RV/INTELLIGENCE ALERT - June 20, 2018 (Disclaimer: The following is an overview of the current situation based on rumors/leaks from sev...

Monday, June 12, 2017

Zimbabwe: Bond Notes Incentives for Gold Panners

Gold for bond notes?

Hmmmmm... that means there's a gold standard by which gold producers are to be paid.

Bond notes incentives for gold panners


Source: Bond notes incentives for gold panners – Sunday News Jun 11, 2017

Richard Muponde, Gwanda Correspondent
FIDELITY Printers and Refiners (FPR) has introduced a facility for small-scale miners in which those who opt to be paid in bond notes will have a three percent incentive.

Miners have all along been paid in the United States dollars for gold delivered to the Reserve Bank subsidiary.

This was revealed at a one-day workshop organised by the Environmental Management Authority and small-scale miners in Matabeleland South held in Gwanda on Wednesday.

Fidelity Printers’ official responsible for customer relations, Mr Bhekilizwe Manyathela said miners who prefer to be paid in bond notes were eligible to get the incentive.

“This does not mean that you don’t get paid in US dollars if you want them. It only applies to those who opt to be paid in bond notes. Even if you said a certain percentage should be in hard currency and the other in bond notes you still get your incentive. However, for those who opt to have their money transferred to the bank they will have a five percent incentive,” said Mr Manyathela.

He said the miners were free to get the money in any currency they want without any restriction.

“You are free to get your money in any currency you prefer. The issue of bond notes is not imposed on you but it’s a voluntary thing which has been incentivised,” he said.

Meanwhile, the small-scale miners appealed for a grace period from EMA to allow them to operate before submitting an Environment Impact Assessment report and being licenced.

“The money being asked for is too much for us. You should remember that we are poor and have no means hence we ask for a grace period so that we first mine and sell our gold them pay the fees. We are not saying EMA should not ask for that but if it gives us such an incentive our sector will grow and we might meet the gold producing targets,” said Mr Leonard Moyo, a miner in Gwanda.

His sentiments were echoed by former Gwanda Executive Mayor Cde Rido Mpofu who said the majority of small-scale miners needed support and a grace period will help them grow. —@richardmuponde

Source: Zimbabwe Situation



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