263chat|A Chinese company, Lifetouch Investments, operating in the country has donated mining equipment worth over US$500 000 to the Zimbabwe Mining Federation to enhance the country’s gold mobilization efforts.
The sponsorship will see the firm donating US$2 million in phases until the end of the year.
The equipment includes generators, separators, bow mills among others set to enhance production by small scale miners as their production had taken a downward trend.
ZMF President, Henrietta Rushwaya said the deal is one of the best ever to be entered into by small scale miners as they gear to surpass the 40-ton gold output target.
“Through this deal, we are trying to ensure that there is more production in the sector and increase investor confidence by coming up with various types of synergies with ZMF,” said Rushwaya.
This comes as the country is making frantic efforts to increase gold output as much of the economic recovery has been banked on gold productivity.
President Emmerson Mnangagwa set a target of 40 tonnes of gold deliveries to Fidelity Printers this year up from the 33,2 tonnes gold miners delivered last year as it angles to reach a peak of 100 tonnes annual output by 2023.
Government is targeting to leverage the economy on the country’s vast mining potential and has set to grow exports from the sector from US$3,2 billion in 2018 to US$4,2 billion this year and then US$12 billion per annum from 2023 onwards.
Lifetouch Investments chief executive officer, Dongning Wang said the operating environment in the country is conducive and friendly for investment.
“We are focusing more on small scale miners who do have mining claims but do not have the capacity to produce enough, to do their families and the country good.
“So we engaged with ZMF to provide them with necessary equipment and services to make sure they realise their potential,” he said.
The deal is one of several that the ZMF has entered into with investors through Public-Private Partnerships with the aim of increasing gold mobilisation efforts to help the country enter the London Bullion Market, an organisation that oversees the wholesale gold and silver markets in London.