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The mining organization reveals the banking plan

Miners are urged to crowdfund to support each other and achieve growth.

A RECENTLY formed mining body, the Junior Chamber of Mines Zimbabwe (JCMZ), is working to establish a bank that will offer affordable loans to finance mining ventures, the Zimbabwe Independent can report.

JCMZ proposes to affiliate with the Chamber of Mines of Zimbabwe (CoMZ).

Organization officials recently said they wanted to work with the gold, non-metals, safety, health and mining business training and development committees.

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

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

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

“We are analyzing the issue of diamond drilling where we seek to evaluate our deposits.

“Then at the bank, we look for banks to partner with. We have already decided to mobilize resources for this.

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

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

“We wanted to see some sticking out in the larger chamber (CoMZ),” he said.

Foundry sector expert Reason Purazeni said the bank would provide working capital at a reasonable price as well as other operational needs.

“The formation of a bank for small and medium miners is aimed at facilitating affordable financing for projects, as well as working capital and other operational needs at affordable rates, unlike commercial financing, which is exorbitant and prohibitive for mining companies. small and medium-sized mining companies. miner to borrow,” he said.

“The formation of this bank leads to crowdfunding by actors who will then support each other and achieve growth.”

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