$100m more for small-scale miners

The RBZ deployed the FIU to restore sanity to the market, resulting in the arrest and prosecution of illegal money changers, currency saboteurs, and non-compliant businesses—including retailers, pharmacies, and law firms. Offenders faced convictions, warnings, fines, and frozen bank accounts until they complied with regulations.

Oliver Kazunga, Senior Business Reporter

FIDELITY Printers and Refiners (FPR) would this year mobilise $100 million to bankroll small-scale mining operations in addition to the $150 million Gold Development Initiative Fund.

Speaking during a small-scale miners’ conference in Bulawayo yesterday, FPR head of Gold Development Initiative Fund Mr Matthew Chidavaenzi said: “We got about $150 million from the Reserve Bank of Zimbabwe (RBZ) and of that amount we have given out $120 million.

“We still have $30 million to use but I’m happy to tell you that we have managed to get additional funding for small-scale miners for 2019.

Mr Chidavaenzi said about $80 million, which represents about 50 percent of the Gold Fund, had benefited women miners.

“We still believe that this is too low and because of that we have come up with a refined package, which we will be introducing for women,” said Mr Chidavaenzi.

He said FPR had noted that most of the small-scale mining equipment required foreign currency.

The GDIF facility was launched by the RBZ in 2016 as part of initiatives to capacitate small-scale miners in order to boost gold production.

— @okazunga.