Massive Gold License Fee hike to US$200 000

Business Reporter

THE Ministry of Finance and Economic Development has pegged gold license fees at US$200 000 up from US$5 000 in a development seen as an effort to curb leakage in the sector.

The new structure is  under Statutory Instrument 32 of 2023  Extraordinary gazette dated 20 March under Gold Trade (Licence Fees) (Amendment) Notice, 2023 (No. 1)

“It is hereby notified that the Minister of Finance and Economic Development, in terms of section 19 of the Gold Trade Act [Chapter 21:03], made the following regulations:-

“These regulations may be cited as the Gold Trade (Licence Fees) (Amendment) Notice, 2023 (No. 1),” reads part of the statutory instrument.

Zimbabwe Miners Federation (ZMF) chief executive officer, Mr Wellington Takavarasha said artisanal and small scale miners won’t be affected by the increase.

“The artisanal and small scale miners won’t be affected by this rise as they do not need a gold trading licence for export. It was US$5 000 now up to US$200 000 .This is a way to have everyone sell gold to  Fidelity Gold Refinery (FGR),” he said.