Fidelity controls Zimbabwe’s gold trade as well as the
minting and printing of local currency.
In a statement, governor John Mangudya (pictured) said the
central bank’s board of directors agreed to a restructuring exercise that will
see the bank disposing Tuli Coal and unbundling of Fidelity Printers and
Refiners into two business entities.
The unbundling will see partial privatisation of the gold
refining business allowing private players to be part of the decision-making
process concerning the precious mineral.
“By being part of the decision making process on gold
trading, it is expected that the gold producers’ compliance levels in the
trading of gold will significantly increase,” the RBZ chief said.
The central bank’s coal mining unit, Tuli, full equity has
also been disposed of to government.
“The Bank’s board of directors resolved to dispose of Tuli
Coal (Private) Limited to government and to unbundle Fidelity Printers and
Refiners (Private) Limited (FPR) into two entities, that is (i) gold refining
and (ii) printing and minting,” Mangudya said.
The new structure will see RBZ retaining 40% of its shares
in Fidelity Printers and Refiners while disposing of 60% to large-scale and
small-scale gold producers.
“Accordingly, the RBZ shall retain 40% shareholding in
Fidelity Printers and Refiners, and dispose of 60% shareholding to both the
large-scale and the small-scale gold producers.
“Using a three-year average delivery of gold to FPR, the
bank will offer 50% shareholding in the large-scale gold producers, 3% to major
FPR gold buying agents and the balance of 7% to the small scale producers
through their representative bodies,” Mangudya said.
Mangudya, however, said the central bank would retain its
controlling stake in the printing and minting business for security reasons.
Newsday
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