Gold deliveries in massive surge

HARARE - Gold deliveries to Fidelity Printers have hit 12,09 tonnes mark in the first seven months of the year, with deliveries by small-scale miners increasing 7,8 percent to 1 127,5 kg in July from 1 045,9kg recorded in June, Parliament Budget Office figures show.

Gold production target for 2017 is 25 tonnes and will largely benefit from price recovery resulting in improved viability and expected increase in output by gold producers, emanating from expansion projects as well as gold mobilisation initiatives by government.

The small-scale mining sector surpassed monthly output by primary producers for the first time in six months in June this year. Big mining houses deliveries increased by 6,1 percent to 963,6kg from 908,1kg in June. Both small-scale and large miners in July produced 2 091,1kg up from 1 954kg.

Gold production, which accounts for more than half of the mining sector’s foreign-exchange earnings, is expected to increase by 10 percent while global gold prices are projected to remain broadly stable.

Small-scale gold miners this year target to produce 12 tonnes of the yellow metal up from 9,8 tonnes last year. — Staff Writer

Bill capping ‘fat cat’ salaries comes into forcePARLIAMENT has passed a bill which seeks to cap the salary and perks for managers of government-owned entities and city council bosses.

In summary, the Public Entities Corporate Governance Bill outlines the role and functions of the Corporate Governance Unit within the Office of the President and Cabinet (OPC) as a centralised advisory, oversight and support system for line ministries with regard to the implementation of this Bill.

It will introduce some consistency in the conditions of service of members of boards of public entities. In particular, it will require members to enter into performance contracts with the government and will allow their salaries and allowances to be limited.

Similarly, it will regulate the conditions of service of chief executive officers and other senior staff members of public entities and will allow their remuneration to be limited.

It will give effect to the National Code on Corporate Governance Zimbabwe (Zimcode) to the extent that it applies to public entities.

Comments (1)

Talk, talk and more talk. There are not salary caps on these government state owned entities. The reason these MD's and CEO's of state owned companies are paid these over the top salaries is the steal as much as the Ministries Minsters let them do. Which most all the monies going back to ZanuPF controlled party. Telone Chipo Mtasa makes $51,000 per month. And that is an increase from her previous contract of $41,000 per month at end of 2016. Minister Supa of ICT is the one that issued these contract in return gets a kick back from his people he put in those positions. Every state own entity is bleeding and not making a profit ever. But still they give these salaries so the ruling party can stay funded. And at the same time these entities are run like shit. And service delivery the public are sick. But this is Africa. Until real leadership takes over this colonial black mentality will continue to keep Africa from developing.

Piankhi Ptah Atum Rayay - 19 October 2017

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