Govt to establish a bullion bank

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The government of Zimbabwe, in partnership with Mindlink Holdings, intends to establish a bullion bank worth $2 billion, in a wide ranging ambitious project to be undertaken by President Emmerson Mnangagwa’s administration.

This was disclosed at the weekly press conference by the Ministry of Information, Publicity and Broadcasting Services in Harare today.

Bullion banks trade in precious metals such as gold and silver in the form of bars and ingots using their purity and mass.

The central bank, in this case, the Reserve Bank of Zimbabwe will lend the bank bullion reserves.

Among other projects which President Mnangagwa briefed the cabinet on was a joint venture between Hondius Capital Management company, an asset management company, and Infrastructure Development Bank of Zimbabwe (IDBZ) in establishing the Zimbabwe Infrastructure, Housing and Development Bank valued at $800 million. In addition, Surewin Pvt Limited company from China will partner with the government in the mining and processing of granite in a Special Economic Zone valued at $20 million.

Another Chinese company, Afrochine Pvt Limited will undertake in the mining and smelting of ferrochrome in an $800 million deal.

Iron and Steel company will manufacture iron and steel in a deal worth $1,1 billion with Verify Engineering company and Magcor Consortium group of companies entering into a coal to fertilizer manufacturing venture worth $750 million.