Gold Producers To Get Capital Injection

The government is set to roll out a financial capacitating programme for twenty identified medium scale gold producers as part of efforts to revitalise the gold sub-sector.

Mines and Mining Development Minister Walter Chidhakwa says that apart from rejuvenating the operations of the country’s top ten gold producers, the government has identified twenty medium scale gold producers to be capacitated under the Productive Sector Finance facility.

“We should look at those areas where we can have quick wins. As government, we will be capacitating twenty identified medium scale gold producers with working capital. The programme will be implemented from January 2015,” he said.

Market analysts estimate that at least five to seven billion dollars is required for the recapitalisation of the country’s mining sector over the next five years.

In face on the limited domestic financial resources observers say mining firms should consider innovative ways of capital for their operations.

Mining has become the most dynamic sector of the Zimbabwean economy, leading economic recovery since 2009, with an average annualized growth of more than 30 percent.

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