Published: 19 August 2013

The Chamber of Mines says Zimbabwe's gold mining industry requires US$60 million annually to recapitalise operations.

A survey carried out by the Chamber of Mines estimates that the gold mining industry capacity which is hovering at 44 percent can be increased if players in the sector are committed to mobilising $60 million annually for the exploration of new deposits and reserves.

Zimbabwe Miners Federation Chairman, Edzayi Kufandarerwa says the revival of the gold mining industry will however depend on government and private sector willingness to raise the required funds.

"What we need is the willingness by relevant players to mobilize the funding," said Mr Kufandarerwa.

A business analyst, Mr Zacks Murerwa says the prevailing stable macro- economic climate should translate to increased productivity.

"Well it is true that funding is required but let us face the basics and see how we can really come up with a vital policy," said Mr Murerwa.

Zimbabwe's gold mining industry has come up with a five year developmental strategy that seeks to restore business confidence, attract long term credit lines, add value to the locally produced minerals and increase productivity to more than 20 tonnes by 2018.
- zbc

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