Zim mines hurt by foreign currency shortages

The Zimbabwean government is also revamping policies for specific minerals, such as lithium and platinum, in a bid to improve investment.

06 February 2019 | Business

The issue of policy clarity and policy consistency is absolutely top. - Winston Chitando, Mining Minister: Zimbabwe

CAPE TOWN - Zimbabwe's mines minister on Monday said the central bank governor would soon introduce a monetary policy tool to alleviate foreign currency shortages that have affected mining companies.

Zimbabwe is hoping its mining sector could help drive a moribund economy buffeted by high inflation and unemployment, as new president Emmerson Mnangagwa looks to woo investors following a soft coup last year which usurped former president Robert Mugabe.

But a shortage of cash has hurt industries, with Zimbabwe's gold miner RioZim last year closing its three mines due to a shortage of dollars, the company said in a letter to the central bank seen by Reuters.

"One of the current challenges which the industry is facing relates to foreign currency retention ... The governor will over the next week or two come up with monetary policy intervention which would address that issue," minister Winston Chitando said in a presentation on the sidelines of a mining conference.

"The issue of foreign currency is being addressed as we want to ensure the mining industry continues to grow," he said.

Chitando did not want to be drawn on what this intervention would be but said the government was also revamping policies for specific minerals, such as lithium and platinum, in a bid to improve investment.

Last month, Russian diamond miner Alrosa and China's Anjin Investments were selected by Zimbabwe's government to partner with the state diamond company, a state-run newspaper reported.

"At the end of the day it is an issue of balancing the needs of investors with the needs of the country... The issue of policy clarity and policy consistency is absolutely top," Chitando said. – Nampa/Reuters

Similar News

 

Solving your challenges with remuneration

1 hour ago | Business

We live in an environment of continued cost-constraints, skills shortage and labour mobility. At the same time, there is pressure to improve productivity, and improve...

China ta longitha Namibia

1 hour ago | Business

Ominista yOmakwatathano gopaigwana oshowo elongelokumwe, Netumbo Nandi-Ndaitwah, okwa li omathimbo ga piti a gandja omayele kaanyasha AaNamibia opo yiimonene uunongo neuveko kombinga...

Redesigning the business world

6 days ago - 18 April 2019 | Business

Ester KamatiFounded by Tuhafeni Kashe, a renovation, landscaping, décor and construction company in Windhoek is changing the construction scene one renovation at a time. Kake’s...

Valuing millennials

6 days ago - 18 April 2019 | Business

Ester KamatiAfter an unconventional recruitment process, including a series of interviews, ten millennials were officially welcomed on board as part of the Pupkewitz team on...

Oshikondo shomatungo shi Ii koongolo

6 days ago - 18 April 2019 | Business

Omupeha omupesidende gwoConstruction Industry Federation (CIF), Panashe Daringo, okwa pula epangelo opo li yambidhidhe oshikondo shoka sha dhengwa odhimbo onene konkalo yeliko lyoshilongo ndjoka...

Construction still bleeding

1 week ago - 17 April 2019 | Business

Construction Industry Federation (CIF) vice-president Panashe Daringo has called on the government to assist the industry, which has been hit particularly hard by the country's...

A partnership for change

1 week ago - 16 April 2019 | Business

On 9 April, Hollard reached out once again and this time made a very generous donation towards the Pupkewitz Foundation.Hollard is an insurance company that...

Longrich illegal, says BoN

1 week ago - 12 April 2019 | Business

The Bank of Namibia has declared the activities of Longrich, a Chinese company that distributes a variety of household cleaning products and personal care products,...

Ohorongo's suitors in town

1 week ago - 11 April 2019 | Business

International Cement Group, the company rumoured to be interested in buying Schwenk Namibia's shareholding in Ohorongo Cement, is said to have sent a delegation to...

Thoughts on the National Budget 2019/20

2 weeks ago - 10 April 2019 | Business

Limit the deductibility of fees and interest for income tax if no WHT has been paidWe understand that the rationale for this as we are...

Latest News

Warning of dire food shortages

1 hour ago | Disasters

The latest Crop Prospects, Food Security and Drought Situation Report has predicted massive reductions for all crop-producing areas in the expected harvest season, including cereal...

Solving your challenges with remuneration

1 hour ago | Business

We live in an environment of continued cost-constraints, skills shortage and labour mobility. At the same time, there is pressure to improve productivity, and improve...

ACC: Budget not enough to...

1 hour ago | Economics

CATHERINE SASMAN The Anti-Corruption Commission (ACC) says the N$61.6 million budget proposed for its operations is woefully inadequate.The...

Do good for others

1 hour ago | Opinion

Human rights are needed to protect and preserve every individual's humanity. The Universal Declaration of Human Rights is clear in highlighting the basic rights and...

Violent Easter weekend

1 hour ago | Crime

The four-day Easter weekend was marred by a spate of violent crimes including a dozen reported sexual assaults and armed robberies, in addition to a...

Watch your mouth

1 hour ago | Politics

Only half of Namibians believe that they have the right of freedom of association, says an Afrobarometer policy paper titled 'Are Africans' freedoms slipping away?'...

E-tax rollout postponed again

1 hour ago | Economics

The finance ministry introduced a new electronic income-tax filing system in January, but deadlines are repeatedly being postponed.The date when the new system must become...

Managing fall armyworm

1 hour ago | Agriculture

The Food and Agriculture Organisation (FAO) has formulated a framework for partnerships for the sustainable management of fall armyworm in Africa which will focus on...

Meat Board sub-committees meet

1 hour ago | Agriculture

The Livestock Producers' Organisation (LPO) is represented on various sub-committees of the Meat Board and these committees met to discuss issues affecting the sector. The...

Load More