Mthuli Ncube pegs gold dealer’s licence at US$200k

Spread This News

By Alois Vinga

FINANCE Minister, Mthuli Ncube, Monday increased gold dealer’s licence fees to US$200 000.

The announcement made under Statutory Instrument 32 of 2023 repealed pre-colonial terminology while adjusting it accordingly in tandem with modern day trading dynamics.

“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,” SI said in part.

Despite some stakeholders in gold mining crying foul lately over increases in gold sector licensing fees, sources in government believe that there is urgent need to cascade the benefits being derived in gold mining to the lower levels of society through the licensing fees strategy.

Official records show that the gold mining sector has been recording significant growth from year 2021 where gold miners delivered 29 664kg, a figure which increased in 2022 by 5 616 kg with a total of 35 280kg delivered during the year.

State-owned gold buyer, Fidelity Gold Refinery (FGR), has projected gold deliveries to reach 40 tonnes in 2023 mainly due to new gold mining projects coming into production.