Sundaymail Editor
Online Reporter
FINANCE and Economic Development Minister Professor Mthuli Ncube on Wednesday launched a US$10 million gold facility to fund mining expansion and increase productivity.
The funds are being drawn from the US$958 million recently allocated to Zimbabwe by the International Monetary Fund (IMF).
Of the overall facility, US$5 million will go towards the establishment of an Artisanal Gold Small-Scale Miners Fund (AGSMF), while another US$5 million will go towards the Gold Service Centre Revolving Facility (GSCF).
Speaking during the launch in Harare, Minister Ncube said the gold facility has the potential to close the funding gap and spearhead increased productivity.
“In support of value addition and beneficiation programme for the small-scale miners, Government is availing a US$5 million Gold Service Centre Revolving Facility (GSCF) for the construction of six gold service centres to improve access to critical facilities by artisanal gold small-scale miners,” he said.
“The setting up of a US$5 million Gold Service Centre Revolving Facility and US$5 million Artisanal Gold Small-Scale Miners Fund will go a long way in capacitating the small-scale miners through the construction of gold service centres, as well as providing them with the requisite tools of trade for their day-to-day operations.”
In 2021, small-scale gold miners produced more than 18 tonnes of gold, accounting for 64 percent of the total gold produced in Zimbabwe.
Online Reporter