LIVINGSTONE MARUFU
The Zimbabwe Miners Federation (ZMF) has so far drawn down $107 million of the $150 million Gold Development Initiative Fund from the Reserve Bank of Zimbabwe to ramp up production in the sector and strengthen chances of reaching the 30 tonnes target of gold this year.
Currently, 240 miners have benefited from the fund as the country remains on course to achieve all gold output.
This comes after the small scale miners have so far produced over 60 percent of total gold output in the first eight months of 2018. Gold production in the eight months up to August jumped by 36 percent to 24,7 tonnes from 18,2 tonnes in the same period last year.
Producers of the “yellow metal” now need to produce just above five tonnes during the last quarter of the season – which is traditionally the strongest half in the sector – to set new record deliveries of 30 tonnes.
The central bank increased the funding for small scale miners to $150 million from $80 million to increase productivity thereby increasing exports, employment and earn the much needed foreign currency.
RBZ governor John Mangudya said the facility continued to motivate small scale miners and more needs to be done to maintain the current trajectory.
Meanwhile, ZMF — an umbrella body for almost 8 000 small-scale miners, expressed delight over the $150 million facility being organised by the central bank, which helps to reach the target.
ZMF recently told this publication that they were happy with the support they were getting from government.
In addition, government has been working on a deal that would have seen a Chinese firm, the XCMG Group, supplying mining equipment worth $100 million to local artisanal miners to ramp up gold production.
Already, machinery worth $10 million has already been brought in. The two facilities are expected to capacitate small-scale gold minersso that they increase output.
Since August 30 2018, Fidelity Printers and Refiners (FPR) has held on Gold Mining conferences across the country targeting artisanal and small scale miners for them to sell gold to FPR.
FPR general manager Fradreck Kunaka said: “The Regional Gold Mining Conferences, among other things, seek to address the importance of gold mining to the economy and funding opportunities for small and medium enterprises in the gold mining sector.
“These conferences aim at unpacking how Artisanal and Small Scale miners can formalise their operations while adhering to environmental obligations. The Conferences which started in Gwanda, have been held in Bulawayo and Kadoma and will also be held in Bindura, Gweru and Mutare ending on November 13, 2018.”
