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Mr Dosman Mangisi

Oliver Kazunga Senior Business Reporter
SIX companies have submitted their applications for loans under the $50 million funding scheme for the manufacturing of equipment for small scale miners.

The Zimbabwe Miners’ Federation (ZMF), an umbrella body for small scale miners, has confirmed receiving proposals from mining equipment suppliers that are keen to participate in the project.

The Government last month launched a $50 million loan package to support local companies involved in the manufacture of mining and mineral processing equipment.

The equipment would be produced according to specifications of ZMF working closely with the Ministry of Mines and Mining Development.

ZMF spokesperson, Mr Dosman Mangisi, told Business Chronicle that six small-scale mining equipment manufacturers have so far submitted their applications for loans.

“We have so far received applications from six companies interested in producing the mining machinery.

“As ZMF we are facilitating the programme to identify small-scale mining equipment suppliers because we know the specifications of the machinery that our members require,” said Mr Mangisi in an interview.

He however would not be drawn into revealing the names of the companies that have submitted their proposals.

Mr Mangisi said a meeting would be held early next month with mining equipment suppliers to explain the miners’ requirements.

The funding, which would be availed to successful equipment manufacturers was sourced by the Government from Sakunda Energy.

It is hoped that Bulawayo companies that manufacture small-scale mining equipment stand a chance to benefit from the $50 million loan fund and this would go a long way in resuscitating Bulawayo industries.

Once the country’s industrial hub, the city has faced massive de-industrialisation in recent years due to the economic challenges that Zimbabwe experienced.

Industry and Commerce Minister Dr Mike Bimha is on record saying the loan facility is meant to retool industries on the back of reports that 50 percent of firms in Bulawayo have equipment that is obsolete as most of it is more than 20 years old.

The objective of the loan facility is to empower small scale miners by providing equipment that will enable them to boost production. — @okazunga.