ZMF to engage international dealer to buy gold from small miners

In an interview, the Zimbabwe Miners’ Federation (ZMF) president Mr Trinos Nkomo said the gold would be exported through Fidelity Printers and Refiners.
“We are engaging an Indian-based international gold dealer so that small-scale miners can sell gold to the dealer. The gold will be exported through Fidelity Printers and Refiners,” said Mr Nkomo.
The exportation of gold by small-scale miners through formal channels is expected to promote economic development, as the move would boost the mining sector’s contribution to Zimbabwe’s Gross Domestic Product.
Mr Nkomo said the miners’ federation recently entered into a three year tripartite agreement with a leading financial institution and an indigenous mining equipment supplier to boost small-scale miners’ operations.
He said under the arrangement ZMF members were expected to secure mining machinery from the mining equipment supplier under a loan scheme.
“In order to boost small-scale miners operations in various sectors such as gold, chrome, manganites, tantalite, semi-precious stones and any other mineral, ZMF members have signed a three-year contract with a local mining equipment supplier, Nico-Orgo, to provide machinery on loan scheme.
“The agreement is a tripartite arrangement that also involves a local bank because the miners need liquidity to fund their operations,” he said, without revealing the name of the bank citing professional reasons.
He said the deal would see small-scale miners individually or collectively securing the equipment.
The machinery includes standard crushers, ball mills, concentrator, compressor, jackhammer and compressors.
Mr Nkomo said under this arrangement Nico-Orgo pledged to offer support that will be based on resource base at the mines.
“Nico-Orgo is also expected to undertake an exploration exercise to determine the resource base at the mines upon which support will be rendered,” he said.