Zimpapers Logo

Lovemore Zigara, Midlands Correspondent
THE Reserve Bank of Zimbabwe has disbursed about $12 million of the $20 million facility for small scale and artisanal miners meant to boost gold production.

The central bank recently unveiled the facility through its subsidiary, Fidelity Printers and Refiners (FPR) meant to provide working capital as well as equipment to scale miners.

Fidelity Printers chief executive officer Mr Fradreck Kunaka told Business Chronicle that his company has been overwhelmed with applications.

“We have received many applications from small scale and artisanal miners who want to expand their operations and so far more than $12 million has been disbursed. We hope the move will go a long way in expanding their operations which will result in more gold to FPR,” he said.

As part of efforts to curb the abuse of the facility, Mr Kunaka said FPR was not giving cash to the miners but was paying directly to suppliers for equipment they would have requested through their business plans.

“If we are going to give cash it is very minimal for working capital purposes because we do not want to run the risk of miners diverting the funds for other purposes,” he said.

Mr Kunaka said his company was paying for equipment directly to suppliers accounts as opposed to providing cash to the miners.

The miners while welcoming the move meant to capacitate them, however, said equipment that can be sourced locally should not be imported.

“If we import what can be produced locally, the move will be counterproductive as it will benefit foreign suppliers at the expense of locals,” said Mr Tatenda Karimazondo, the Midlands Metals operations director.

Mr Karimazondo said apart from capacitating miners, the facility should also boost production of local companies that can manufacture the required equipment.

@lavuzigara1