Govt Pumps US$5 Million into Mining Fund to Support Small-Scale Miners TheMinistry of Mines and Mining Developmentis in the process of recapitalising the Mining Industry Loan Fund, a facility introduced in 2022 to support the mechanisation and growth of artisanal and small-scale mining operations,Mining Zimbabwecan report. The fund was established to address one of the sector’s biggest challenges — limited access to affordable capital — which has often constrained productivity and contributed to unsafe working conditions. “We do have a kitty of US$5 million that was availed by the government and so far out of the five million we have committed about 3.8 million US dollars in procuring equipment, mining equipment locally and abroad.
We have managed to purchase equipment like ball mills, geocrushers, pumps and generators. Most of this equipment is on the high seas en route to Zimbabwe, and we expect that by the end of October, most of it will be delivered,” he said. The Mining Industry Loan Fund was introduced as part of the government’s drive to formalise artisanal mining and integrate it into the mainstream economy.
The facility provides two main types of support — plant and equipment hire loans as well as mining establishment loans — giving miners access to the machinery and capital needed to expand operations. Artisanal and small-scale miners are a key part of Zimbabwe’s mining sector, contributing more than 67 per cent of gold deliveries to Fidelity Gold Refinery, the country’s sole buyer and exporter of gold. The recapitalisation is also in line with Zimbabwe’s broader goal of growing mining’s contribution to the US$12 billion mining economy target and driving sustainable economic development.
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