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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Profile/New Launches

Zimbabwe gives official seal to sovereign fund

Posted on 23 January 2014

Zimbabwe on Tuesday officially tabled its Sovereign Wealth Fund (SWF) which will use the proceeds of royalties from gold, platinum, nickel and diamonds and invest them in “gold bullion, stockpiles of precious stones”, as well as other “foreign assets”.
Zimbabwe’s Chamber of Mines said about 75% of the country’s gold miners will collapse if the royalties are not reviewed. Platinum producers in Zimbabwe have submitted plans to set-up a refinery to avoid a further 15% levy on raw platinum exports. Mining industry sources and executives said on Tuesday that they were still pressing the government to review the royalties downwards……………………………..Full Article: Source


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