The Zimbabwe Miners Federation (ZMF) has formed a Special Purpose Vehicle (SPV), FS Mining (Pvt) Ltd that will run and manage the Federations projects.
In a statement released by the organisation, Chief Executive Officer (CEO) Mr Wellington Takavarasha said the Body’s Presidium formed FS Mining following the resolution at the last general council meeting at Rainbow Towers Harare in 2021.
“Pursuant to a resolution made at the last ZMF General Council Meeting in 2021 at the Rainbow Towers Harare, the ZMF Presidium in conformity with the General Council resolution, met and formed a Special Purpose Vehicle (SPV) that will run and manage ZMF projects.
“The name of the SPV is FS Mining (Pvt) Ltd and the Board of Directors are: the ZMF President, the ZMF Vice President, the Secretary General, the Treasurer, the Chief Executive Officer and the Finance Manager”.
“Whilst we are putting FS Mining structures and systems in place, Mr. Mugawu will act as the CEO of FS Mining (Pvt) Ltd,” the statement read.
ZMF has been on a path to push for more production as the 12 billion dollar mark deadline gets closer.
Its members submit bulk of gold bullion to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR).
Zimbabwe’s Artisanal and Small-scale and large gold producers in 2021 delivered a total of 29 629.61 kg of gold to Fidelity Gold Refinery (Private) Limited (FGR), a 55.5% increase from the 19 052.65 kg delivered in 2020.
Large gold producers delivered 11 159.0 kg to FGR in 2021 whilst small-scale producers contributed 18 470.61 kg.
ZMF is also holistically pursuing formalisation of gemstones targeting an annual income of US50 million from the semi-precious minerals amongst many things.