admin
Senior Business Reporter
THE Zimbabwe Miners’ Federation (ZMF) says the small-scale gold mining sector needs about $500,000 for mechanisation financing to boost operations. ZMF chairman Lufeyi Shato said small-scale gold miners’ operations were crippled by a lack of basic mining equipment. He said basic mining equipment such as compressors, jackhammers and water pumps were needed by small-scale miners to enhance gold output.
“One of the major challenges stalling our efforts to increase gold production as small-scale miners in the country is lack of basic mining equipment.
“At the moment, a lot of financiers in the country aren’t willing to finance our operations. The small-scale gold mining sector requires about $500,000 to boost operations through mechanisation,” he said.
While the government had sealed a $100 million loan facility from China for mine mechanisation, miners have expressed concern over delays in its release.
The government is yet to meet its bargain to facilitate the release of the funding.
Small-scale miners are targeting to deliver six tons of the yellow metal to Fidelity Printers this year.
Shato expressed optimism that through improved access to basic mining equipment, small-scale miners would achieve their projected output for this year.
According to ZMF small-scale miners have delivered 3.2 tonnes of gold to Fidelity Printers and Refiners in the first half of the year.
The increase has been attributed to improved legislative compliance in the trading of the mineral.
In the 2015 national budget, the Ministry of Finance and Economic Development announced that Fidelity Printers and Refiners would be the sole buyer of the yellow metal in the country to curb smuggling of the mineral.
Online Reporter