HARARE – Zimbabwean miner RioZim is demanding US$92 million (R1.2 billion) from the central bank in a lawsuit brought to force the Reserve Bank to pay for more of its gold purchases from the company in US dollars, court documents showed.
Miners are struggling as Zimbabwe grapples with an acute shortage of dollars.
Producers sell all their gold to the central bank’s subsidiary Fidelity Printers and Refiners, which then exports it. RioZim, however, says that since 2016 the central bank only paid for 15 percent of gold it purchased from the company in dollars, breaching its policy to pay for 30 percent in the US currency.
The central bank has not commented on the lawsuit.
RioZim first announced on October 9 that it would take legal action against the central bank, signalling impatience by miners over the dollar shortages.