Zimbabwe's small scale miners considering forming consortiums

Following government's finalisation of  the indigenisation thresholds of the mining sector, small scale miners are considering forming consortiums to mobilise capital required to purchase stakes in foreign owned mines in line with the indigenisation policy.

The plans are being made following a directive for foreign owned mining firms operating within the country to submit their indigenisation  plans within the next 45 days.

Zimbabwe Miners Federation President Mr. Trynos Nkomo said  forming consortiums will  enable small scale miners who are reeling under capital constraints to raise adequate capital and acquire shares in the foreign owned mining  companies.

Nkomo said small scale miners are ready to work with relevant  government  ministries in ensuring that the indigenisation of  the mining sector  unlocks wealth for the locals and the economy.

Government has revealed that the indigenisation process will continue in a move that is aimed at empowering locals through access to shares in foreign owned companies operating within the country.