RBZ Speaks On Gold Dealing Licence Fees
Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has sought to clarify the issue of Gold Dealing Licence fees following the publication of Statutory Instrument 32 of 2023 on Monday, 20 March 2023.
The Statutory Instrument set the fee for a Gold Dealing Licence at US$200 000 per annum.
In a statement issued this Tuesday, 21 March, Mangudya said that only gold refiners will pay US$200 000, while permits for gold-buying agents cost US$2 500 per annum. Reads the statement:
GOLD DEALING LICENCE FEES AND GOLD BUYING AGENCY FEES
It has come to the attention of the Reserve Bank of Zimbabwe (the Bank) that there has been some misunderstanding pertaining to payment of gold dealing licence fees and gold buying agency fees following the publication of Statutory Instrument 32 of 2023, (Gold Trade (Licence Fees) Amendment Notice, 2023 (No.1)), on 20 March 2023.
In line with its mandate to promote the development of gold mining and production in Zimbabwe, the Bank wishes to provide clarity as follows:
(a) Statutory Instrument 32 of 2023 provides for annual licence fees payable by gold dealers – that is, persons licensed to buy, refine and export gold. Thus only gold refiners shall be liable to pay the US$200 000 licence fees.
(b) Gold buying agents are issued with permits by holders of a gold dealing licence and in the case of Fidelity Gold Refinery (Private) Limited, the agents are appointed to buy gold on its behalf in areas where it does not have gold buying centres and the permit costs US$2 500 per annum.
In that regard, a gold dealing licence is distinct from a gold buying agency permit.
Of late, stakeholders in the gold mining sector have been complaining over increases in gold sector licensing fees, but NewZimbabwe.com reported government sources as saying licensing fees will allow the lower levels of society to benefit from the yellow metal.
Earlier this month, Fidelity Gold Refiners (FGR) general manager, Peter Magaramombe, told Business Times that gold production in Zimbabwe dropped by 26% to 3.79 tonnes in the first two months of this year from the 5.129 tonnes reported in the preceding comparative period.
The significant drop in gold output has been blamed on heavy rains received in most parts of the country.
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