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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (51117)	6/9/2009 3:28:58 AM
From: Maurice Winn	3 Recommendations Respond to of 218658

While you are buying gold, Zimbabwe is selling it [or would like to] summit.co.za <HARARE - Zimbabwe's gold mines are dusting themselves off after the unity government deregulated the industry, ending a two-decade state monopoly on buying the precious metal after years of plunging production. Gold remains one of Zimbabwe's top exports, but output has tumbled as miners complained that the Reserve Bank, the only authorised buyer for 21 years, offered unfair prices and then delayed on payments, or failed to pay entirely. Mining operations have also been hamstrung over the last decade by nationwide power cuts and severe shortages of foreign currency, needed to buy and maintain equipment. That's slowly changing since the unity government between long-ruling President Robert Mugabe and his one-time rival, Prime Minister Morgan Tsvangirai, de-regulated the industry in March. Now miners are allowed to market their gold freely and to retain all their earnings, whereas previously the Reserve Bank pocketed a percentage. "During the first three months of the year nothing was happening in the gold mining industry, but there is renewed confidence and optimism in the gold mining sector since the deregulation," said Joseph Malaba, chief executive officer of the Chamber of Mines. "There is increased output when compared to the start of the year when there was nothing," he said. No gold was lodged for sale in the first quarter of the year, but in April and May miners brought in 600 kilograms, according to the chamber. Last year the country produced only 3 576 kilograms of gold, compared to a peak of 27 108 kilograms in 1999.... continued.. > Mqurice