The RBZ, Zimbabwe’s central bank, announced the introduction of the new notes at the weekend with distribution beginning yesterday.
Bank officials denied the notes are effectively a new currency for Zimbabwe. They were pegged on a 1:1 ratio with the US dollar reports but from the country are that they are already trading at a discount.
Since the start of 2014, Caledonia has had to sell all gold produced from its 49%-owned Blanket mine to Fidelity Printers and Refiners Limited, a subsidiary of the RBZ,
So far all sale proceeds have been received within 48 hours of delivery to Fidelity in US dollars at a price which is 98.75% of the London afternoon “fix” on the day after delivery.
Separately, Caledonia said Mark Learmonth, finance director, has bought 11,500 shares at 84p.
Story by ProactiveInvestors
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