The Gold Development Fund (GDF) facility was launched by the Reserve Bank of Zimbabwe (RBZ) as part of initiatives to capacitate small scale miners and boost gold production. This has seen small scale miners break production records and delivering more gold than large-scale heavy weight mining power houses.
Any small scale miner/s meeting the requirements below may qualify for the Gold Development Fund (GDF)
Below are the full requirements or the Gold Development Fund (GDF) loan requirements.
1. A comprehensive project proposal – to include amongst others;
• Business plan incorporating company profile.
• Geological & metallurgical reports.
• Cash flow projections for the next 12 months in relation to the loan being applied for.
• Quotations from reputable suppliers of equipment and services required.
• Current and anticipated production after application of the loan.
• Lead time to commencement of enhanced production.
• Anticipated payback period.
2. Management structure of the company to include;
• List of names and qualifications of the Company Directors and senior managers.
• Reporting structures in the entire organisation.
3. Physical addresses of company Directors supported by utility bills not older than three months for the individual borrower and for each Director in the case of companies.
4. Bankers references – a bank statement (bank stamped) covering the last three months.
5. Registration papers (Mine registration and current Inspection Certificates, Certificate of Incorporation, Memorandum or Articles of Association, Form CR14, Form CR2 (Shareholding Structure)).
6. Board Resolution authorising the borrowing.
7. Current Tax Clearance Certificate for Companies.
8. Police Clearance for criminal record on the individual or Company Directors.
9. Passport-sized photos for principal loan holders or Company Directors.
• Gold Development Fund (GDF) exceeding USD15,000.00, collateral in the form of mortgage bonds or notarial covering bonds,
• Gold Development Fund (GDF) less than USD 15,000.00, where immovable property is not available, designated movable assets (e.g., livestock, vehicles, and household property may be considered).
• The collateral value to be at least 1.5 times the loan value.
11. Terms of the Gold Development Fund (GDF);
• 10% interest rate.
• Loan repayment period of up to a maximum of 3 years.
• In the event of a breach, the outstanding balance to attract an interest rate of 15% per annum.
12. Disbursement of the loan;
• Individual borrowers: – payment direct to suppliers of goods and services.
• Companies: – funds deposited into the company account.
13. Eligibility for funding;
• Traceable gold delivery track record to FPR or its accredited gold buying agents for a minimum period of 1 year.
• FPR and RBZ (and its subsidiaries) employees, their immediate family members and related parties are ineligible for the RBZ/ FPR loan.
• Willingness to be subjected to a due diligence and commitment in writing to allow FPR employees to monitor the operation through site visits and records inspection on site from time to time.
14. Credit worthiness;
• Credit references, list of creditors, amounts owing and age of the credit.