Zimbabwe banned foreign companies and individuals from small-scale gold mining in a move aimed at protecting local jobs and benefitting the domestic economy.
All foreign investors and entities participating in small-scale mining must either increase production capacity and investment or halt their operations by January, Mines Minister Polite Kambamura said in Harare on Friday.
“The small-scale gold-mining sector in Zimbabwe is reserved exclusively for Zimbabwean citizens,” he said. It’s for producers whose monthly output is no more than 20 kilograms and capital investment totals less than $15 million.
Small-scale miners produce 65% of the country’s gold. In the first four months of this year, Zimbabwean output totaled about 12,637 kg, up 1.3% from a year earlier.
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