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HomeMiningMiners’ body unveils bank plan

Miners’ body unveils bank plan

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Miners’ body unveils bank plan

A newly formed miners’ body, the Junior Chamber of Mines of Zimbabwe (JCMZ), is working towards setting up a bank that will offer affordable loans to finance mining ventures, the Zimbabwe Independent can report.

JCMZ is proposing to be affiliated to the Chamber of Mines of Zimbabwe (CoMZ).

Officials at the organisation said recently they wanted to work with the gold development, the non-metal, safety, health and training and the mining business development committees.

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Dosmain Mangisi, secretary general at JCMZ, told the Independent that plans to form the bank were being discussed.

“The most fascinating thing that thrilled the miners (members) was the issue of having a miners’ bank,” Mangisi said.

“People were happy. They are also happy with the issue of exploration, where we want to have bankable deposits, which are proven.

“We are looking at the issue of diamond drilling where we are looking to evaluate our deposits.

“Then on the bank, we are looking for banks to partner with. We have already resolved to pull resources towards that.

“We are building the bridges (financially) and also incubating the miners. So that is our core. We want to bridge the miner and to incubate the miner.

“Those are the two fundamental words in our approach. We need to achieve the mining vision, which is upon us. As indigenous players or miners, we want to make sure we fully participate.

“We wanted to see some excelling into the bigger chamber (CoMZ),” he said.

An expert in the foundries sector, Reason Purazeni, stated that the bank would provide reasonably priced working capital as well as other operational requirements.

“The formation of a bank for the small to medium miners is meant to facilitate affordable finance for projects as well as working capital and other needs for operations at affordable rates, unlike the commercial finance, which is exorbitant and prohibitive for the small to medium scale miner to borrow,” he said.

“The formation of this bank leads to crowdfunding by the players who will then support each other and realise growth.” – Zimbabwe Independent

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