kimberely float.jpgStakeholders in the mining sector are calling upon the government to set up a mineral development bank, which will offer loans at concessionary rates so as to facilitate the recovery of the industry.

The proposal from stakeholders in the mining industry comes at a time when the sector is in need of at least US$3 billion for the exploration of new mineral deposits as well as ensuring the reopening of mines around the country.

The Zimbabwe Explorers Small Scale Miners Association Secretary General, Mr Gerald Mambwere said stakeholders in the mining sector are expected to meet the Ministries of Mines and Mining Development as well as Finance, regarding the need to ensure the establishment of the mineral development bank, which will offer loans and financial services mainly for the mining industry.

“We hope this is an initiative that will benefit the mining community as we seek to restore confidence and recovery,” Mr Mambwere said.

The Zimbabwe Miners Federation President, Mr Edzayi Kufandarerwa said the proposed mineral development bank will also provide a platform for emerging miners to access funds required in the purchase of machinery to increase productivity.

“We hope this plan will be crucial for the resurgence of the mining industry which has been operating under difficult conditions,” said Mr Kufa.

The mining industry is this year expected to grow by more than 40% this year on the back of firming international prices for mineral commodities with strategic minerals such as gold, platinum, diamonds, coal and chrome expected to contribute significantly to mineral export receipts from regional and international markets.