Moti, Sakunda give small miners $50m

Moti, Sakunda give small miners $50m
Published: 15 June 2018
AFRICA Chrome Fields (ACF) owners, the Moti Group, and local fuel group Sakunda Holdings have partnered to fund a $50 million small-scale chrome miners support facility.

Through a programme called Zimbabwe Motivation Mining (ZMM), the groups have set aside an initial $50 million off-take allocation to strengthen the small-scale mining sector in Zimbabwe.

Initially targeting small-scale chrome miners, the 20-year agreement will also branch out into beneficiation of other minerals. The Moti Group will provide miners with technical and financial assistance and in turn, the miners will sell their chrome to ACF.

"The programme will incentivise miners to improve and grow their operations through training programmes, financial and intellectual capital, and a trusted channel to the international commodities market.

"Utilising the existing infrastructure and network of African Chrome Fields, ZMM will initially work with small-scale chrome miners before expanding into gold and lithium beneficiation," Moti Group chairman Zunaid Moti  said on Tuesday at a signing ceremony in the capital.

Once potential participants are identified by ZMM, the programme will evaluate and categorise miners' needs, create an individual development plan, make provision for an annual assessment and then allocate resources.

"Information gathered on all potential participants will be shared with the Ministry of Mines to help improve understanding and oversight of the country's small-scale operations.

"All miners included in the ZMM programme will have goals set through their individual development plan. Points will be awarded for successfully meeting targets, which make miners eligible for greater access to funding," the mining group said.

ZMM will utilise existing infrastructure and technology to help improve the efficiency and safety of small-scale mining operations.

By communicating with miners through WhatsApp, collection times for products will be arranged and receipts provided in digital and paper formats.

"To improve safety, security and reach, ZMM will make use of satellite offices at which product can be deposited.

"ZMM will match the grade of each product with available market prices and will pay miners 50 percent through the RTGS (real time gross settlement) platform and 50 percent in US dollars. With its partners, ZMM has already agreed an initial off-take allocation of $50 million," the mining group said.


- fingaz
Tags: Moti,

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