Companies mining diamonds and gold in Zimbabwe is likely to face losses on the background of interruptions to payments in favor of foreign suppliers.
These companies have to obtain approval for all operations carried out with foreign suppliers.
Local newspaper Herald reports that hold 100% of the proceeds from the sales of gold and diamonds, which is made by the Reserve Bank of Zimbabwe, implies that mining companies do not have a "buffer fund urgent payments in favor of foreign companies to meet production requirements."
"Companies in the mining sector is not currently regarded as a priority in the allocation of foreign currency, hence, they are faced with payment delays of 20-30 days period This worsens the situation in the industry." - said the president of the Chamber of Mines of that country Muganyi (Toi Muganyi) .
"... In this regard, the producers (minerals) are also facing difficulties in ensuring prompt payment of up to 20% of the production requirements, which negatively affects the volume of production", - he added.
Due to the lack of liquidity the central bank of Zimbabwe introduced a priority list for importing to direct limited resources primarily on the needs of the major sectors of the economy.
Limitations on the removal of funds also affects the extraction of minerals.
Typically, mining companies have withdrawn cash to pay salaries to the workers.
"These measures mean that workers are forced to travel long distances to get access to cash for their everyday expenses Against this background, reported outages mining companies." - continues Muganyi.
"The Chamber recommends to issue special permits for the mining industry so that workers in this industry have the opportunity to take a reasonable amount of cash near the offices of the companies also need to meet the demand for cash in the mining sector.", - he concluded.
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Officials from the Bureau of Indian Standards (Bureau of Indian Standards, BIS) met with representatives of the refining plants and assay centers November 20. At the meeting, the authorities reported that the refinery of gold, which is only a one-year work, now allowed to participate in the scheme of gold monetization, media reported.
In 2014, India had 18 refining plants, and by now their number has grown to 32. To date, the BIS has certified only 5 of these plants, but by December, when the rules are relaxed, the government certified can get another 20 refining plants.
BIS certified assay and 35 points, it is expected that at the end of December their number will grow to 100. Any business entity that meets the criteria of BIS, can act as a center assay gold monetization scheme.
It was also agreed that 11 banks sign agreements with all certified assay centers. In order to motivate banks to go for it, the authorities reported on the introduction of the possibility of transfer of gold deposits. Banks will be able to make loans secured by gold deposits. In India, the Ministry of Finance also noted that banks may be asked to depositors of gold deposits to prove the ownership of gold.
The banks will also be allowed to apply directly to the refineries with the problems associated with the delivery organization for the gold deposits. The Ministry also noted that the refineries will be able to open the assay sites on its territory. They will also be able to open their offices in the localities where there are churches who want to transfer stored in them gold monetization scheme.
Meanwhile, sources said that the Indian government will solve the issues related to the taxation scheme of gold monetization. Secretary of the Ministry of Economy of India Shaktikanta Das (Shaktikanta Das) was also present at the last meeting.
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