RBZ assures gold miners that they will not be paid in Bond notes

The Reserve Bank of Zimbabwe has assured gold miners that it will pay for gold deliveries using the United States Dollar and not the newly introduced bond notes.

Caledonia Mining Corp which operates a gold mining in Gwanda, in a statement, said:

Caledonia confirms that, following the recent introduction of ‘bond notes’ by the Reserve Bank of Zimbabwe, there is no change to the settlement system in place for Blanket Mine in Zimbabwe for its gold sales

Since January 2014, Blanket has sold all of is gold production to Fidelity Printers and Refineries Limited, which is a subsidiary of the RBZ. Blanket has received all sale proceeds within 48 hours of delivery to Fidelity in US dollars at a price which is 98.75 percent of the London afternoon ‘fix’ on the day after delivery to Fidelity.

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