Tag Archives: Zimbabwe Gold

Workers manually sorting rocky material at an open-pit mining site

Can Gold be Ethically Mined? The Death of Miners in Tanzania

Families of two independent gold prospectors allegedly killed by security forces at a Tanzanian mine are taking their grievances directly to global markets, suing the London Bullion Market Association (LBMA) that certified metal from the deposit as ethically produced.  The legal maneuver in the case—going after the London Bullion Market Association rather than the mining company (Barrick Mining), the gold refiner, Tanzanian authorities or the alleged killers—challenges the very system that companies, governments and consumers rely on to ensure the bullion and gold-based goods they buy is certified based on social-responsibility standards.

In court documents, the claimants allege the association, known as the LBMA, “negligently certified gold sourced from the mine as untainted by human-rights abuses,” which “cloaked a pattern of violence at the mine and fueled ongoing violations.” The LBMA said it “denies the claim in full,” and described the case as an attempt to make the association responsible for the actions of entities, such as the police, miners and refiners, it neither controls nor regulates. The LBMA, a nonprofit trade association, however, provides clean-gold certification to metal if it deems producers to have followed its Responsible Gold Guidance. It says it bases its decisions on information from gold refiners, verified by auditors, but doesn’t carry out mine inspections itself.

The North Mara mine, which has both open-pit and underground operations, sits near Tanzania’s border with Kenya, a short drive from the famous wildlife of the Maasai Mara and Serengeti National Park. Villagers living nearby have long sifted through the mine’s waste rock hunting for overlooked gold…In July 2019, a villager used a ladder to climb over a wall surrounding the mine’s waste-rock area and “proceeded to search for gold-bearing rocks,” according to the claimants’ court filing. Mine security forces and Tanzanian police chased the prospectors away with “disproportionate and unjustified force, including the use of live ammunition and tear gas,” the filing said. The man escaped, but police were “lying in wait” and “violently assaulted” him, the filings said. He “suffered injuries consistent with a gunshot wound” to the leg and died from “a loss of blood,” the filing said.

Excerpts from Yusuf Khan, Families of Dead Prospectors Sue Authority That Certifies Gold as Ethically Produced, WSJ, Oct. 6, 2026

The Best Way to Ruin a Country is to Corrupt its Currency

The Reserve Bank of Zimbabwe, which gained global notoriety in 2008 for printing one-hundred-trillion-dollar notes, said in April 2024 that it was launching a new national currency, promising, once again, to end years of monetary turbulence. John Mushayavanhu, who took over as the central bank’s new governor in April 2024 said the new unit, Zimbabwe Gold, or ZiG, will replace the current Zimbabwe dollar, which has lost around three-fourths of its value this year.

The currency most recently traded at more than 30,674 Zimbabwean dollars to the U.S. dollar, according to the central bank. When the bank relaunched the local unit in 2019, $1 bought 2.50 Zimbabwean dollars. Mushayavanhu said the new currency would initially be valued at 13.56 ZiGs for $1 and later at a rate determined by the market.

To shore up confidence in the currency, Mushayavanhu said it would be fully backed by Zimbabwe’s reserves of U.S. dollars and precious metals, particularly gold. He also pledged to end a long-running practice of the bank issuing more money to finance government spending…

Zimbabwe abolished the Zimbabwe dollar in 2009, after a bout of hyperinflation that, by some estimates, saw prices rise by 500 billion percent. For nearly a decade, the country then operated on U.S. dollars and other foreign currencies. When the central bank was no longer able to pay out savings in cash dollars, it reintroduced the Zimbabwe dollar in 2019.

Excerpt from Gabriele Steinhauser, Zimbabwe Launches a New Currency…Again, WSJ, April 5, 2024