This would seem like a normal occurrence given the covid-19 imposed economic challenges. However, some would say the math isn’t as simple as that. The country is said to have reported a significant increase in gold export during the pandemic period. Zimbabwe’s gold export earnings jumped 132.37% in July 2021 to US$184 million from US$79 million in the same period last year. Month on month export earnings were up 30.2% from US$141.5 million realized in June 2021.

Zimbabwe is targeting to be producing 100 tonnes of gold per year by 2023, which is part of a drive to achieve export earnings of US$12 billion by the mining sector by that time.

These high figures have lead others to wonder why there seems to be no change in the country’s economic conditions. A factor that is often referred to is that of illegal activities that take place in that sector. The yields seemingly benefit just a few individual. For instance, the amount of gold that is smuggled annually is reportedly worth about US$1.5 billion.

While some might get away with illegal activities, during this covid era some have fallen subject to the law. Such was the case in the major gold scandal that took place this year. The involved smuggler associated himself with Zimbabwe Miners Federation President Henrietta Rushwaya although she later disowned him.

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As the matter unfolds, it now seems that Masinire will be left to fight out this battle alone. His said counterpart, Henrietta Rushwaya, President of the Zimbabwe Miners Federation will not be backing him on this one. She said Tahsinga had long since resigned and hadn’t worked with her since. A resignation letter dated August 2020 said to have been from Masinire was attached to this claim.

View the resignation letter below:

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The post Whose gold is it anyway? Gold smuggling Masinire disowned (resignation letter attached inside) appeared first on Provoker Magazine.

Masinire appeared before Kempton Park Regional Court today and was granted a bail of R100 000. The bail amount is also attached to some very stringent measures he will be required to follow. These include, surrendering his passport, not leaving South Africa until the matter is finalised and reporting to the nearest police station after every 3 days.

The matter has been remanded to July 1 2021 for further investigations.

The Zimbabwean is said to have been working with Ian Haruperi and Henrietta Rushwaya. Ian Haruperi is an associate of Zimbabwean- based property tycoon Nicholas van Hoogstraten and Krugerrand dealer Frank Buyanga. Last year he made headlines when his new US$1.5 million Bugatti Veyron was seized by Zambian authorities as they suspected him for money laundering. 

The other counterpart, Rushwaya who is the President of Zimbabwe Miners Federation was entangled in another gold smuggling incident last year.  She was found in possession of 6kg of gold valued at US$366,000.

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The post JUST IN: Zimbabwean gold smuggler granted bail appeared first on Provoker Magazine.