Metals News Hubb
Advertisement Banner
  • Home
  • News
  • Metallurgy
  • Contact
No Result
View All Result
  • Home
  • News
  • Metallurgy
  • Contact
No Result
View All Result
Gourmet News Hubb
No Result
View All Result
Home News

Zimbabwe allows miners, exporters to keep more forex from exports

admin by admin
February 3, 2023
in News


The foreign currency-starved southern African country requires all exporters to convert part of their export earnings into local currency at an official exchange rate significantly higher than the widely used black market exchange rate, leading to losses for the businesses.

Some international miners with operations in Zimbabwe include Anglo American Platinum, Impala Platinum, Sibanye Stillwater, Zhejiang Huayou Cobalt, Sinomine Resource Group, Tsingshan Holding Group and Sinosteel Corporation.

“Export retentions have been increased and standardized at 75% across all sectors,” the Reserve Bank of Zimbabwe (RBZ) said in a monetary policy statement on Thursday.

Zimbabwe has significant mineral resources, including gold, platinum group metals, coal and lithium, which has attracted international firms, especially from China. Over the years, the country has struggled to attract significant foreign investment due to concerns over foreign currency rules and policy uncertainty.

In December, Zimbabwe banned raw lithium exports, targeting marauding artisanal miners who were digging up old mines in search of the mineral.

However, the ban triggered fears Zimbabwe could be defaulting to a resource nationalism stance, four years after the government scrapped a law that required local control of all major mines.

(By Nelson Banya; Editing by Elaine Hardcastle)





Source link

Previous Post

What is the Difference Between a Deep Cycle and an Automotive Battery

Next Post

Rusal Begins Production Of Master Aluminium Alloys At Krasnoyarsk Smelter – Aluminium Insider

Next Post

Rusal Begins Production Of Master Aluminium Alloys At Krasnoyarsk Smelter – Aluminium Insider

Recommended

Brazil To Enact Import Duties On Aluminium Sheet Imports From China – Aluminium Insider

3 months ago

India’s foray into the EV battery market lacks some key ingredients

3 months ago

Alcoa Opens New Bauxite Residue Processing Facility In Brazil – Aluminium Insider

4 months ago

EGA And ITOCHU Extend Cooperation On Specialty Aluminium Projects – Aluminium Insider

4 months ago

Bumper mining profits down under defy doom but challenges remain

7 months ago

China has links to dozens of Canadian miners tied to critical minerals

5 months ago

© 2022 Metals News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Metallurgy
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Metallurgy
  • Contact

© 2022 Metals News Hubb All rights reserved.