Caledonia Mining Corp. said a proposal by Zimbabwe’s government to double the royalty on gold producers would curb its profits.

Zimbabwe doesn’t intend to completely wean itself off utilizing the US dollar, even as it moves toward adopting the ZiG as its primary currency by 2030.

Zimbabwe will introduce a new royalty structure for gold miners as the mineral-rich southern African nation seeks to cash in on a surge in the price of the metal.

Zambia’s dollar bonds rose after S&P Global Ratings ended its default rating for Southern African country, five years after it became the continent’s first pandemic-era sovereign defaulter.