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:
<blockquote>
<h2>GOLD DEALING LICENCE FEES AND GOLD BUYING AGENCY FEES</h2>
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.
</blockquote>
Of late, stakeholders in the gold mining sector have been complaining over increases in gold sector licensing fees, but <a href="https://www.newzimbabwe.com/mthuli-ncube-pegs-gold-dealers-licence-at-us200k/">NewZimbabwe.com</a> 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 <a href="https://businesstimes.co.zw/rains-wash-away-gold-output/">Business Times</a> 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.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

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RBZ Speaks On Gold Dealing Licence Fees

The government has set the fee for a Gold Dealership Licence at US$200 000.
Finance and Economic Development Minister Mthuli Ncube announced the development under Statutory Instrument 32 of 2023. The SI reads in part:
<blockquote>
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 (License Fees) Amendment Notice 2023 No.1
The Gold Trade (License Fees) Notice 1987, published in Rhodesia Government Notice 256 of 1978 is amended by the repeal of paragraph 1 of Schedule 2 and the substitution of Gold dealing License US$200 000.
</blockquote>
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