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1246778 B.C. Ltd.: Copper Producer Minto Metals Corp. Announces Go Public Transaction

1246778 B.C. Ltd.: Copper Producer Minto Metals Corp. Announces Go Public Transaction
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Miners Say New Foreign-Exchange Rule Will Trigger Crisis

By Bloomberg
MINING companies in Zimbabwe said a central-bank requirement compelling them to surrender more foreign exchange earned from mineral exports will push their operations to the brink.
The Reserve Bank of Zimbabwe on January 8 announced that exporters must now hand over 40% of their foreign currency earnings, up from 30%, which is then paid out in the local currency.
The country’s mining body said the move would create “a viability crisis” for the industry as members already face increased demand for payment in hard currency from various government agencies, suppliers and service providers.
“On average, 60% of gross export proceeds are now taken by government departments and agencies, leaving inadequate forex resources for the mining firms to sustain operations,” the Chamber of Mines of Zimbabwe said in a letter to the central bank dated Jan. 19 and seen by Bloomberg. ....

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Zimbabwe Miners Say Foreign-Exchange Rule Could Trigger Crisis

Zimbabwe Miners Say Foreign-Exchange Rule Could Trigger Crisis
Bloomberg
1/28/2021
Godfrey Marawanyika and Ray Ndlovu
© Bloomberg
Workers survey the Portal One area of the Great Dyke Investments Ltd. Darwendale platinum mine project, near Harare, Zimbabwe, on Wednesday, Sept. 16, 2020. The so-called Darwendale project, which lies 65 kilometers (40 miles) from the capital Harare, is central to the Zimbabwean government’s plans to revive its stagnant economy.
(Bloomberg) Mining companies in Zimbabwe said a central-bank requirement compelling them to surrender more foreign exchange earned from mineral exports will push their operations to the brink.
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The Reserve Bank of Zimbabwe on Jan. 8 announced that exporters must now hand over 40% of their foreign currency earnings, up from 30%, which is then paid out in the local currency. ....

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