RioZim wants $92m from the Reserve Bank of Zimbabwe
The miner claims the bank is not paying for enough of its products in dollars, as promised, causing it major losses
Harare — Zimbabwean miner RioZim is demanding $92m from the Reserve Bank of Zimbabwe in a lawsuit brought to force the central bank to pay for more of its gold purchases from the company in dollars, court documents show. 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 has only paid for 15% of gold it purchased from the company in dollars, breaching its policy to pay for 30% 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 shortage. In its summons, filed with the high court dated November 14, RioZim says it failed to receive $48m due in payments from the central bank for its sales in dollars and suffered losses of $44m due...
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