Home LOCAL NEWS 70% of Zimbabwean Gold smuggled to Dubai

70% of Zimbabwean Gold smuggled to Dubai

Give Us Time To “Fix Sick Economy”- Mthuli Ncube Pleads AGAIN

Zimbabwe is losing millions of dollars in revenue due to the smuggling of gold to Dubai through South Africa.

Speaking during a field day at the Bubi Gold Milling Centre where he was the guest of honor, Finance and Economic Development Minister, Mthuli Ncube, revealed that the government is putting in place measures to prevent the smuggling of the yellow metal so as to ensure increased formal deliveries. He said:

The sector has the potential to contribute much more if we can curb the leakages. Government is going ahead with implementing interventions to curb the smuggling of gold to Dubai through South Africa.

One of the interventions is where we have Fidelity Printers paying a lucrative price for gold sales. We are aware that all smuggling takes place to Dubai through South Africa and we are losing a lot of gold and we are doing everything as Government to curb leakages.

Minister Ncube said gold alone generates US$1 billion annually and small-scale miners account for over 60 per cent and at times as much as 70 per cent of gold production in the country.

Chronicle

Trending On ZIMetro News. . .

  Conman ‘Teemak’ now in therapy; bishop father to pay off his Ponzi scheme victims HARARE – A 23-year-old man who duped dozens of Zimbabweans dotted around the globe through a Ponzi scheme is currently undergoing therapy, his sister has said. Conman 'Teemak' now in therapy; bishop father to pay off his Ponzi scheme victims Namatai Marygrace Chipunza took to Facebook in the aftermath of news reports exposing the self-proclaimed millionaire Taona Oswald Chipunza – known among socialites as Teemak...read more