News / National
Zim Miners to court external financiers
06 Jun 2011 at 08:44hrs | Views
Small Scale miners have stepped up efforts to mobilise US$2 billion through courting external financiers to explore fresh mineral reserves in the next five years.
The intensifying efforts by miners come amid concern from players in the sector about failure by treasury in allocating funds to the mining industry yet it is contributing positively to economic growth.
Zimbabwe Miners Federation Chairman, Mr Edzayi Kufandarerwa said the absence of financing from treasury had constrained the recovery of small scale miners, leading stakeholders in the sector to focus on raising capital from external partners such as the Development Bank of Southern Africa (DBSA), PTA Bank and African Development Bank (ADB).
" We hope such an arrangement will be vital in our efforts to recapitalise operations and boost production," Mr Kufandarerwa said.
Small scale miners are this year expected to account for at least 20% of the total mineral production on the back of a liberalised mineral marketing system and stable macro-economic conditions.
Players in the mining industry are focusing on mobilising US$6 billion in the next five years to resuscitate operations and the reopening of closed mines around the country.
This is among other factors expected to result in the overall mining sector's contribution to the Gross Domestic Product (GDP) surging to 40% by end of this year from 20% last year.
The intensifying efforts by miners come amid concern from players in the sector about failure by treasury in allocating funds to the mining industry yet it is contributing positively to economic growth.
Zimbabwe Miners Federation Chairman, Mr Edzayi Kufandarerwa said the absence of financing from treasury had constrained the recovery of small scale miners, leading stakeholders in the sector to focus on raising capital from external partners such as the Development Bank of Southern Africa (DBSA), PTA Bank and African Development Bank (ADB).
" We hope such an arrangement will be vital in our efforts to recapitalise operations and boost production," Mr Kufandarerwa said.
Small scale miners are this year expected to account for at least 20% of the total mineral production on the back of a liberalised mineral marketing system and stable macro-economic conditions.
Players in the mining industry are focusing on mobilising US$6 billion in the next five years to resuscitate operations and the reopening of closed mines around the country.
This is among other factors expected to result in the overall mining sector's contribution to the Gross Domestic Product (GDP) surging to 40% by end of this year from 20% last year.
Source - TNZ
