Zimbabwe gold mining firms have been allowed to retain 55 pct of dollar earnings, what you need to know…

PUBLISHED: Mon, 19 Nov 2018 12:18:07 GMT

HARARE (Reuters) – Zimbabwean gold mines have been allowed to retain 55 percent of their earnings in dollars, from 30 percent previously, the deputy mines minister said, as the government moves to ensure their operations remain viable.

Polite Kambamura said miners of gold, the country’s largest mineral export, should be allowed to earn up to 70 percent of their sales in dollars.

The mining sector like most of businesses in the southern African nation, is struggling to pay for imports like spares and other consumables due to a severe dollar crunch.

Reporting by MacDonald Dzirutwe; Editing by Adrian Croft

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