Trust Freddy
Business Correspondent
THE Government will next month unveil a US$63 million financing facility for small-scale miners and has upped its mining economy target to US$15 billion, with gold expected to anchor 65 percent of the value as output is pushed towards 100 tonnes.
The facility, arranged through FBC Bank and the Minerals Marketing Corporation of Zimbabwe (MMCZ), will officially be rolled out from November 12, with seven initial beneficiaries already identified.
Permanent Secretary in the Ministry of Mines and Mining Development, Dr Thomas Utete Wushe, revealed this at the Zimbabwe Miners Federation (ZMF) Annual General Meeting in Harare on Friday.
The AGM was held under the theme: Empowering Miners, Transforming the ASM sector while Driving National Economic Growth.”
Dr Wushe said the Government’s thrust is to move small-scale miners from informal, survival operations to formal, sustainable commercial enterprises through formalisation, mechanisation, affordable financing and zero tolerance for illegal mining and unsafe practices.
Artisanal and small-scale miners are strategically key to the domestic economy, having contributed 74,5 percent to Zimbabwe’s record gold production of 46,7 tonnes in 2025. Gold is the country’s single largest export earner.
Dr Wushe said Vision 2030, when Zimbabwe is expected to reach upper-middle-income status, will only be meaningful when 17 million Zimbabweans feel it in their pockets.
He said the upper-middle-income status would entail individuals having the capacity to spend at least US$13 per day — not only a situation where the country achieves the economic metric of per capita GDP figures of US$4 300 to US$5 000.
“Each and every individual must be able to spend at least US$13 a day to feel that they are now part of what we call an upper-middle-income society,” he said.
Despite illegal Western economic sanctions and a suffocating national debt, he said, Zimbabwe’s God-given resources position the mining sector as the driver of empowerment.
On production, Dr Wushe said the 2026 gold production target of 50 tonnes is too modest.
“We have put our gold target at 50 tonnes. I think we can easily get to 100 tonnes,” he said.
He said the overall mining economy target, originally set at US$12 billion by former Minister Chitando, is now US$15 billion.
“For the nation, our objective set by Honourable Chitando way back was a US$12 billion economy. Now, we are revising it to US$15 billion because it is achievable.”
Dr Wushe said MMCZ and FBC will launch a US$63 million fund on November 12, with seven beneficiaries already identified.
“MMCZ, working with the FBC Bank, has set aside a credit guarantee scheme to the tune of US$63 million, which is going to launch on the 12th of November. So this is very much open to small-scale miners, particularly those outside the gold sector.”
He said the Government has also reset the Mining Industry Loan Fund, which had failed due to poor uptake.
Compressors and generators were rotting in yards because the Government was charging up to one-and-a-half times the market price and application processes were cumbersome.
“We have reviewed our prices. We have reviewed our application process to make it easier and accessible,” he said.
He warned that idle funds will be withdrawn by the Treasury and wants the fund expanded from supporting equipment acquisition only to covering working capital needs.
On governance, Dr Wushe said District Affairs Boards, now Provincial Affairs Boards, will be operational in all eight mining districts by November 1, with ZMF representation to ensure miners participate in all decisions by Provincial Mining Directors.
He said the Government, ZMF and the Chamber of Mines of Zimbabwe will jointly fight corruption and cut unnecessary procedures that create rent-seeking opportunities.
Re-elected ZMF President Ms Henrietta Rushwaya, who will now serve seven years, welcomed Government’s support but said the sector must turn over a new leaf on compliance and responsible mining.
“My reappointment as ZMF President for the next seven years is indicative of the fact that the mining sector, which is the small-scale mining sector, has shown support and interest in my presidency. This is not just an election which is purely based on vote-buying or rigging; it’s purely based on hard work,” she said.
She said responsible mining can no longer be street talk but must be in the DNA of small-scale miners.
“Responsible mining should now form part of the small-scale mining DNA. Small-scale miners should be responsible for the areas within which they are mining. I’m not even going to pay attention whether you’re a local miner or a foreign miner,” she said.
“We are going to ensure that the Government actually comes up with robust, stringent measures on illegal mining.”
Ms Rushwaya said small-scale mining must stop creating headaches for the Government on land reclamation and must operate only in designated areas, projecting an image that the sector has come of age.
“Are we going to mine in undesignated areas? Yes or no? No… We should now be seen leading the way insofar as the ease of doing business is concerned,” she said.
