Fidelity Gold Refinery has announced the immediate implementation of the new 10 percent export surrender threshold for small-scale gold producers, following a directive from the Reserve Bank of Zimbabwe to plug gold laundering loopholes.
Under the revised framework, small-scale gold miners will now receive 10 percent of the proceeds of their gold sales in local currency, marking a significant change from the previous arrangement under which they were paid 100 percent in US dollars.
The new payment structure was announced in the 2026 Monetary Policy Statement presented last Friday by RBZ Governor, Dr John Mushayavanhu, who emphasised that the measures are designed to take effect immediately.
“To ensure continued stability in the foreign currency market, the retention threshold for exporters is maintained at 70 percent across all sectors of the economy with the exception of small gold scale producers, whose retention shall be 90 percent, with immediate effect,” he said.
Large-scale gold miners, like the rest of exporters in the country, sell 30 percent of their foreign currency earnings to the RBZ in local currency at the prevailing willing buyer, willing seller interbank rate.
The central bank chief said the policy shift is intended to curb rising concerns of “gold laundering” between large-scale and small-scale gold producers.
“We were beginning to see arbitrage activities where large-scale gold miners were now marketing their gold via the small-scale channel as if they were small-scale. We want to bridge that,” said Dr Mushayavanhu.
The small-scale mining sector contributes about 65 percent of gold deliveries to Fidelity Gold Refineries, underscoring its growing importance to Zimbabwe’s mining industry as the Government’s formalisation drive for artisanal and small-scale mining (ASM) gains momentum.
In an update to stakeholders, Fidelity Gold Refinery said, “Following the Monetary Policy Statement issued by the Reserve Bank of Zimbabwe on February 27, 2026, introducing a revised retention for gold deliveries from small-scale miners, Fidelity Gold Refinery wishes to advise all stakeholders, particularly small-scale gold producers and gold buying agents, that the 90:10 retention will be implemented effective immediately.
“To facilitate the seamless processing of the ZIG portion of payments, all small-scale miners are urged to ensure that their local currency banking details are submitted to Fidelity. Fidelity is committed to ensuring a smooth transition for all our stakeholders in compliance with the Monetary policy.”
The remaining 90 percent of payments will continue to be remitted in foreign currency, ensuring continued access to forex while strengthening local currency usage in the economy.
The new directive ensures that the forex retention threshold for all other exporters, including large-scale miners, remains at 70 percent.
Gold remains a strategic commodity for Zimbabwe, serving as a primary driver of the national economy, supporting currency stability, boosting export earnings, and providing employment across the mining sector.
The RBZ uses a combination of gold and foreign currency to back Zimbabwe Gold (ZiG), introduced in April 2024, with the national reserves reaching US$1,1 billion in value at the end of 2025.
Gold exports surged by 135,6 percent in January 2026 compared to the same month last year. The increase reflects a growth trajectory that mirrors the metal’s extraordinary 95 percent year-on-year price gain.
Gold exports rose to US$290,1 million in January 2026, up from US$123,1 million recorded during the same period in 2025.-herald
