ZMF strategies for the achievement of US$8 billion in 2022

18 February 2022

The Zimbabwe Miners Federation (ZMF) has made strides to strategise on the achievement of the US$8 Billion mining industry in 2022.

The organisation’s strategies have proved to be momentous and fecund as the ASM sector has already contributed 1.4 tonnes of the 1.8 tonnes of gold submissions to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR) in 2022.

Speaking at the ZMF Induction and Stakeholders Consultative Workshop on Wednesday ZMF President Ms Henrietta Rushwaya said the ZMF has created a round table that deliberates on mining issues.

The round table according to Ms Henrietta Rushwaya will focus on issues of corporate governance and information dissemination for the growth and development of the artisanal and small scale mining sector in Zimbabwe.

“As a mother body for the ASM sector, we attach great importance to corporate governance. We believe that for organisations to be successful, competitive and sustainable in the long term, a high standard of governance is indispensable.

“One of the key issues pertaining to good corporate governance is information disclosure and transparency. Better disclosure and transparency can help us make informed decisions and better manage risks.

“The corporate governance regime is an evolving one. The trust and reputation our corporate governance regime now enjoys is the hard-earned result of the continuous efforts and commitment of organisations, board members, stakeholders, service providers and investors and all relevant stakeholders, who make good governance their priority,” Ms Rushwaya said.

ZMF Induction and Stakeholders Consultative Workshop was attended by the Minister of Mines and Mining Development Hon Winston Chitando, his Deputy Eng Polite Kambamura, Minister of State for Mashonaland West Hon Mary Mliswa, Minerals Marketing Corporation of Zimbabwe (MMCZ) General Manager Mr Tongai Muzenda, Fidelity Gold Refiners (FGR) Acting General Manager Peter Magaramombe among others.

In his speech at the event Minister of Mines and Mining Development, Hon Winston Chitando said the government was going to continue supporting the ASM sector for mining growth in the country for it to achieve an annual revenue of US$12 billion by 2023.

He said incentives for gold deliveries and equipment facilities provided to miners will be availed soon.

Speaking at the same event Zimbabwe’s Ambassador at Large, Ambassador Eurbert Angel said there was a need to support the ASM sector in Zimbabwe through sustainable and smart mining.

“In Zimbabwe, we have witnessed a great positive contribution to our economy by artisanal miners. The bigger part of gold deliveries is now coming from the ASM sector. To increase productivity in this sector there is a need to support artisanal miners through sustainable smart mining,” Angel said.

MMCZ General Manager Mr Tongai Muzenda said it was of utmost importance for miners to value add their minerals as this would triple the mineral’s value.

Muzenda encouraged miners not to blindly enter into agreements with foreign investors without a contract of value addition as this would only disadvantage the miner and benefit only investors.

“MMCZ ‘s role in value addition is in encouraging producers to value add their products.

“In value-adding chrome concentrates are further processed to produce ferrochrome, enhancing the original value threefold.

“Another example is tantalite concentrate which is converted into tantalite powder which is used in capacitors, making the incremental value fourfold,” The MMCZ General Manager Mr Muzenda said.

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