Youth miners partner regional counterparts
YOUNG Miners Foundation chief executive officer Mr Payne Kupfuwa says they are teaming up with regional counterparts to partner on mining projects and craft strategies to boost efficiency in the sector as they are confident that they will meet set production targets.
The planned collaboration is in preparation for the launch of the Africa Young Miners Federation (AYMF) on May 25 to be headquartered in Zimbabwe in line with the African Continental Free Trade Area (AfCFTA) pact.
Mr Kupfuwa told Business Chronicle that to boost efficiency, the organisation is moving with the theme: “ESG and Productivity: Unearthing a new mining era.”
YMF encourages small-scale miners to legalise their operations and view mining as a business rather than merely a means of subsistence.
“On this year’s outlook, we will see a rebound in production. Access to financing is often limited by factors like a lack of collateral, high-interest rates or a lack of confidence in the sector.
“However, there are some innovative financing options we are putting in place, such as crowd-funding or joint venture partnerships and The Young Miners Revolving Fund we are setting up.”
Added Mr Kupfuwa: “As YMF we have set up strategies to boost efficiency gains by bringing on board some Sadc regional associations to partner with us on some mining projects and also, as we are working to launch the Africa Young Miners Federation (AYMF) on the 25th of May to be headquartered here in Zimbabwe in line with the African Continental Free Trade Area (AfCFTA) pact.
“Again the political situation is so stable that many foreign investors and partners have a serious appetite to come and invest in some mining activities.”
Mr Kupfuwa said the planned collaboration involves the Emerging Miners Association of Namibia (EMAN), Small scale Miners Association of Botswana, Federation of Women and Youths in Mining in Malawi, Maluti Small scale Miners Association of Lesotho, Federation of small scale miners association in Zambia and Chamber of Mines in Mozambique.
Latest statistics from the country’s exclusive buyer of the metal, Fidelity Gold Refinery (FGR), indicate that of the 30,1 tonnes delivered last year, small-scale miners who traditionally produce the bulk of the gold, again last year maintained the momentum producing 18,7 tonnes.
In 2023, primary producers who are the large-scale miners delivered 11,4 tonnes.
The Government has set a new US$40 billion by 2030 target for the mining sector and this comes as the industry recorded US$20,5 billion in exports over the past five years.
-chronicle
