ZMF sets up mining firm

THE Zimbabwe Miners Federation (ZMF) has formed an independent company, FS Mining (Pvt) Ltd, a special purpose vehicle to run and manage its projects.

ZMF is a non-profit making organisation that was established to represent the interest of the small-scale mining industry in the country.

In a circular, ZMF chief executive officer Wellington Takavarasha, said in accordance with a resolution adopted at the last general council meeting in Harare last year, the federation presidium has formed FS Mining.

“Pursuant to a resolution made at the last ZMF general council meeting in 2021 at the Rainbow Towers Harare, the ZMF presidium in conformity with the general council resolution; met and formed a special purpose vehicle (SPV) that will run and manage ZMF projects.

“The name of the SPV is FS Mining (Pvt) Ltd and the board of directors are the ZMF vice president (Mr Marufu Sithole) secretary general (Mr Morgan Mugawu), chief executive officer (Mr Takavarasha) treasurer (Mr Lufeyi Shato) and finance manager (Mr Tafirenyika Chitsungo),” he said.

“Whilst we are putting FS Mining structures and systems in place, Mr Morgan Mugawu will act as the chief executive officer of FS Mining (Pvt) Ltd.”

In an interview, Mr Takavarasha said FS Mining will be running and managing ZMF projects, particularly issues to do with investment protection and funding programmes for small-scale miners.

“The SPV will be a fully-fledged and independent entity from ZMF whose mandate among others will be to promote and protect investments by the small-scale miners.

It will look at issues to do with protecting investments in the small-scale mining industry and addressing the funding gaps within the sector,” Mr Takavarasha said.

The small-scale mining industry has been recognised by the Government as a critical sector that was contributing significantly to the development of the economy.

For instance, last year, Zimbabwe’s total gold deliveries reached 29,6 tonnes from which over 18 tonnes was the contribution by players in the small-scale mining industry This comes as the Government, through the Ministry of Mines and Mining Development, has dispatched 11 teams of the Gold Mobilisation taskforce across the country with a view to prop-up deliveries of the yellow metal to Fidelity Printers and Refiners to 60 tonnes.

-The Herald