gold1.jpgThe Gold Miners Association of Zimbabwe has acquired US$50 million from multilateral institutions, with US$6 million already disbursed towards recapitalisation.

The deal comes at a time when the small-scale miners are facing financial constraints to ensure the full recapitalisation of their operations.

Small-scale miners’ production of the precious metal has been low owing to unavailability of funding to replace old machinery which mostly affected the production output.

In an interview with ZBC News, Gold Miners Association of Zimbabwe president, Mr. Morgan Mugawu said failure to recapitalise has been the challenge that affected small-scale miners, adding that production has been below one tonne annually as compared to the projected contribution of 10 tonnes annually.

The funding of the small-scale miners will be channelled towards acquiring appropriate technologies to boost operations and has a capacity to produce 1.2 tonnes of gold every month.

The national gold output is projected to exceed 8 tonnes this year complimented by the continued exploration of new deposits.