The Zimbabwe Mint opened in 2001 with the intention of striking coins of Zimbabwe. It is located in the Bulawayo area of Matabeleland. The Zimbabwe Mint operates under the wings of Fidelity Printers and Refinery. The cooperating partners were Giesecke & Devrient for bank notes and, the Bavarian Mint for coinage. When the Z$500 million mint was commissioned by President Robert Mugabe, it was argued that it would save the country US$50 million in foreign currency because it was costing the country 150 cents to import a 10-cent piece, for example.