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The Minerals Marketing Corporation of Zimbabwe (MMCZ), in partnership with FBC Bank, is set to launch a US$63 million credit guarantee scheme on Thursday, targeting small-scale miners, particularly those operating outside the gold sector, as the Government moves to widen access to financing in the mining industry, Mining Zimbabwe can report.
By Rudairo Mapuranga
Announcing the facility at the Zimbabwe Miners Federation (ZMF) Annual General Meeting in Harare, Permanent Secretary in the Ministry of Mines and Mining Development, Dr Thomas Utete Wushe, said the arrangement was intended to support the growth of small-scale mining, which continues to face significant financing constraints.
“MMCZ, working with FBC Bank, have set aside a credit guarantee scheme to the tune of US$63 million, which we are going to launch on the 12th of November. So this is very much open to small-scale miners, particularly those outside the gold sector,” Dr Wushe said.
He encouraged interested miners to approach MMCZ, the Ministry of Mines and FBC Bank for further information on accessing the facility.
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“Come to MMCZ, the Ministry and FBC Bank and you will know more about this facility. It’s there for the small-scale miners, intended to grow this very important sector,” he said.
The focus on miners outside the gold sector is significant given gold’s dominance in Zimbabwe’s artisanal and small-scale mining industry, where access to capital remains a major constraint to expanding production, acquiring machinery and developing operations beyond rudimentary extraction methods.
For operators in minerals such as chrome, lithium, gemstones and other resources, access to structured financing could help unlock investment in equipment, increase production capacity and support the transition towards more commercially viable mining operations.
The announcement also comes as the Government seeks to move small-scale miners towards formal, sustainable and mechanised operations, with affordable financing identified as an important component of that transition.
However, details of the facility’s lending conditions, eligibility requirements, interest rates and the specific mechanism through which the credit guarantees will be extended had not been disclosed at the meeting. These details will be critical in determining the scheme’s accessibility, particularly for miners operating in remote areas with limited access to conventional collateral.
The US$63 million scheme is expected to be launched on 12 November, with MMCZ and FBC Bank expected to provide further information on its implementation and access arrangements.