Mining Ministry want to help smaller firms in order to meet goals for 2018
San Francisco, CA -- (SBWIRE) -- 09/27/2013 -- The Gold Miners Association of Zimbabwe stated that it has secured nearly $20 million in capital injections from the local banks in the area in order to improve the overall industry capacity.
Zimbabwe small-scale miner have stated that they need at least $100 million for re-capital and a boost to overall production. According to the miner ministry, the miners contributed nearly 13 tonnes of gold in 2012. Thus, the lack of recapitalization would be hazardous to the area.
The injection was confirmed by the miners association during their congress in Kwekwe, and said injection will be utilized for the purchasing of machinery that is used to cultivate the increased output wanted by the industry and miners.
Gold Miners Association of Zimbabwe Secretary General, Clement Makanya stated that the financial deal will give a needed boost to the small scale miners who have been dealing with continual constraints stemming from operating informally from larger industries.
The Minerals Marketing Corporation of Zimbabwe stated an expectation of mineral receipts that will increase by nearly 500% in the next half-decade. That will boost the numbers to $6 billion from its current $1.2 billion.
The mineral marketing agency that is run by the state noted that it was in the process of engaging small-scale miners in order to meet industry expectations for 2018. Such endeavor is a good sign for the workers of small-scale mining operations in the long term.
Electricity shortages, levy and punitive policies are causing negative effects on such workers as well. While last year the government raised the pre-exploration fees on minerals by over 8000% to discourage the mining claims under speculative terms.
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