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Zimbabwe asks miners to boost gold output to support new ZiG currency
By Godfrey Marawanyika
Bloomberg News
Monday, May 20, 2024
Zimbabwe has asked gold miners across the country to ramp up output to support the ZiG currency launched last month, according to Mines and Mining Development Minister Winston Chitando.
"This new currency is anchored on gold production. We have to determine ways to increase production," Chitando said Monday in a meeting with miners in the capital, Harare.
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Zimbabwe has been accumulating gold reserves at the central bank's vaults to back the ZiG, short for Zimbabwe Gold. The ZiG is backed by 2.5 tons of gold and $100 million. It's the nation’s sixth attempt to have a functioning local currency in 15 years.
Since late 2022 miners have been ordered to pay a part of their royalties to the state partly in commodity and cash, to help increase reserves. ...
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