Home / Business / Metbank partners small-scale miners

Metbank partners small-scale miners

Ishemunyoro Chingwere Business Reporter
Small-scale miners represented by the Zimbabwe Miners Federation (ZMF), have signed a deal with financial services provider, Metbank Limited that will see the later coming on board as the miners’ official financial advisor.

The bank will also take up a fund raising role for the miners’ operations as well offer general banking services to the sector that is largely unbanked.

The agreement is in tandem with efforts by Government to formalise the small scale mining sector that has remained informal and largely undocumented despite the continued growth of its role in the country’s overall mineral output.

The deal was announced last Friday at the end of a two day workshop on good corporate governance that ZMF held and was also graced by Permanent Secretary in the ministry of Mines and Mining Development Mr Munesu Munodawafa.

In an interview after the workshop, ZMF president Ms Henrietta Rushwaya, said the coming on board of a financial services provider to the small scale sector, is a sign that institutions are in sync with President Mnangagwa’s call for the sector to be supported.

“As ZMF, we are privileged to be associated with Metbank,” said Ms Rushwaya.

“They have come on board at the right time especially when Government’s perception, under the new dispensation, on small scale miners has changed for the good.

“The President and Minister (of Mines and Mining Development) Winston Chitando have been very clear on the significant role played by small scale miners in the economic wellbeing of the country particularly as we seek to grow the GDP (gross domestic product) to meet the upper middle income status as enunciated by the President.

“So workshops and partnerships like these will help us as miners to deliver and formalise the sector in sync with global trends and expectations.

“You also have noted that just recently Vice President Chiwenga launched the first gold centre in Bubi whose model is going to be rolled out across the country and all these efforts are meant to support us as a sector, so we really are racing against time to get our act together and improve on production,” she said.

The bank has had similar working relationships with several other organisations among them the Grain Millers of Zimbabwe, Oil Expressors Association of Zimbabwe, Bakers Association of Zimbabwe as well as Zimbabwe National Chamber of Commerce. Minister Chitando is on record underlining the importance of the small scale mining sector due to the dictates of the country’s geology, which makes some mineral deposits more amenable to small scale mining as opposed to technologies that are used by large conglomerates. President Mnangagwa has declared mining and agriculture as main anchors of the economy into the future.


Source : The Herald

Check Also

Inflation drop at core for Fed rate cuts

WASHINGTON. — June 2018 was a blue-sky month for the Federal Reserve, with strong economic …

Leave a Reply

Your email address will not be published. Required fields are marked *