Saturday , June 3 2023

Zimbabwe's "Rio Zim" has invested $ 92 million in Central Bank


Central Bank governor John Mangdouya said the government would keep 55 percent of gold earnings, platinum and chrome extractive companies. Picture: Reuters

The company "Rīji" of the Zarabysh mine has invested more than $ 92 million in the central bank. ($ R1.2 billion), and the reserve bank was forced to pay US dollars to buy gold from the company.

Miners in Zimbabwe are struggling with the dollar shortage.

Manufacturers sell all the gold to a subsidiary of the central bank Fidelity Printers and Refiners, and then export it. According to him, since 2016, the central bank has violated the policy of 30 percent payment in American currency and has paid 15 percent of the gold earned from the company.

The Central Bank did not comment on the claim.

Ri-Zim announced on October 9 that he would be acting illegally against the Central Bank, which meant that the miners were incapable of the dollar deficit.

In a appeal to the Supreme Court on 14 November, Riyazh says $ 48 million in connection with payments from the central bank for US dollars. US $ 44 million for loss of production.

"The claimant was exposed to direct losses and the devaluation of his incomes was a devaluation," Rejim said in his documents on Thursday.

The company has failed to import the equipment and materials for the sophisticated projects, and has found its job to be unsafe.

Last month, he supplied the sixth mine three times.

Chief Executive Officer of "Rio Zim" Bekhinkosi Nkozi did not respond to mobile phone calls for comments, while lawyers Davitti Rudolph and Timba refused to comment.

The South African country adopted the US dollar in 2009 to increase the level of hyperinflation, but it suffered a dollar deficit, raising the prices for basic goods and inflation twice.

Due to changes in politics, central bank governor Jong Mangughya and Deputy Minister of Minerals say the government will save between 30% and 30% of gold, platinum and chrome mining companies. This step is aimed at ensuring the viability of operators.

Manduja did not comment on the trial.


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