$100 million to bankroll small scale mining

FIDELITY Printers and Refiners (FPR) would this year mobilise $100 million to bankroll small-scale mining operations in addition to the $150 million Gold Development Initiative Fund.

Speaking during a small-scale miners’ conference in Bulawayo yesterday, FPR head of Gold Development Initiative Fund Mr Matthew Chidavaenzi said: “We got about $150 million from the Reserve Bank of Zimbabwe (RBZ) and of that amount we have given out $120 million.

“We still have $30 million to use but I’m happy to tell you that we have managed to get additional funding for small-scale miners for 2019.

Mr Chidavaenzi said about $80 million, which represents about 50 percent of the Gold Fund, had benefited women miners.

“We still believe that this is too low and because of that we have come up with a refined package, which we will be introducing for women,” said Mr Chidavaenzi.

He said FPR had noted that most of the small-scale mining equipment required foreign currency.

The GDIF facility was launched by the RBZ in 2016 as part of initiatives to capacitate small-scale miners in order to boost gold production._The Chronicle

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