Chronicle Editor
Judith Phiri, Business Reporter
YOUNG Miners Foundation has said development of a young miners’ bullion bank will go a long way to turn the country’s mining sector into a US$12 billion industry by 2023.
A bullion bank trades in precious metals such as gold and silver in the form of bars, ingots or specialised coins using their purity and mass. In an online Young Miners Foundation (YMF) leadership and mentorship session last week, YMF patron and group chief executive officer of Cernic Finance Group, Dr Chamu Chiwanza said the creation of a young miners’ bullion bank will complement Government’s efforts to turn the country’s mining sector into a US$12 billion industry by 2023.
“We want to have our own bullion as young miners so that we will be able to have a system whereby a currency is linked to the value of gold. We want to make sure that young miners will start pumping more than 200 kilogrammes of gold per month or even more so that we attain a US$12 billion industry by 2023,” said Dr Chiwanza.
He added that under the concept of “youthnomics” there was need for serious business participation by young people so that they broaden their mining, not only to gold but to other minerals such as silver, chrome, diamonds, granite and gemstones, among others.
Dr Chiwanza also noted that as the organisation’s patron his vision for 2021 was to see young miners fully mechanised. He added: “Mining is one of the easiest projects to finance. There is need for seminars which harness on capital and giving technicalities to move forward once one has a pegged claim and a mining licence. There are many international players keen to assist mining ventures with equipment, among others.”
Dr Chiwanza encouraged young miners to get more formalised and be able to be part of mineral beneficiation than always selling the minerals raw. He also highlighted that there was need to embrace Clinical Critical Thinking in order for young miners to succeed in the mining industry.
Silk Road Heart Gemological Lab and Lapidary head of gemologist Engineer Clever Sithole said young miners should consider resource pooling and sharing to increase their production.
“By resource pooling young miners group together their resources (assets, equipment, personnel, effort, etc) for the purposes of maximising advantage or minimising risk at their mines in order to also scale up their production. There is power in working in numbers,” said Eng Sithole.
He noted that young miners should also give themselves time to acquire knowledge before venturing in the industry by utilising online courses and platforms such as YouTube for tutorials.
“When you learn it becomes easier for you to understand what you are venturing into. Also create your own markets and stimulate demand for your minerals to be buyable,” added Eng Sithole.
YMF chief executive officer Mr Payne Kupfuwa said the young miners Rupemba Gold processing plant was on course with the Geo Report for the site out. He also noted that the celebration of the YMF 11th anniversary will be held in Zvishavane on 27 February and they were working towards launching the Young Miners Academy on the 14 May 2021.
“Let us all join hands to boost mining production in our country. We are still confident that we will hit the US$12 billion Mining Economy by 2023 which resonates to the Upper Middle-Income Economy by 2030,” added Mr Kupfuwa.
Zimbabwe Youth Council head of business development, data and research services Mr Sungano Chisina encouraged young miners to portray leadership qualities by working together.
Online Reporter