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    BREAKING NEWS
    Malawi’s Financial Market Dealers Association has advised the Reserve Bank of Malawi to latch Fissures in the Forex Market
    $5 Billion has been committed by the African Petroleum Producers Organization for the Establishment of the African Energy Bank
    $20 Million has been endorsed by the AfFB to enhance the business to strengthen investments for Climate-Smart Agriculture in Mozambique AfDB Divulged
    Nigeria’s Telecom Contribution to the Gross Domestic Product (GDP) Hits 16 per cent in the Second Quarter of 2023- report
    Philip Mpango Vice President of Tanzania called for a Global Partnership to address the existing Demographic Emergency
    Dr. Akinwumi Adesina President of the AfDB raised an eyebrow at the Improvement to Failing Global Financial Architecture
    N125 billion hoisted by MTN Nigeria through Commercial Paper Issuance by way to improve its Financing Alternatives
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    $1 Billion Committed by the African Export-Import Bank to the African Continent

    $4 Billion endeavored to be bestow by Small Scale Miners towards the consummation of $12 Billion Economy, divulged Wellington Takavarasha – Zimbabwe Miners Federation Chief Executive Officer

    Posted On 15 Sep 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 16

    By Abdul Rahman Bangura–

    Photo Credit: Depositphotos

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Wellington Takavarasha in a consultation told, small-scale and artisanal miners have a crucial position to influence towards the culmination of the $12 billion mining economy.

    “Statistics of production indicate that, the $12 billion mining economy is being achieved in various sectors, it’s across all the mining sectors. $4 billion has to come from ASM. Fidelity printers receipts of small-scale miners indicates that the sector is producing 60% of the total gold output. The role of ASM is very important. Currently 70% of the
    minerals being mined is gold while 30% constitutes other minerals,” he explained.

    He similarly accentuated that, formalization of ASM is long delayed.

    “As long as government is benefiting from the artisanal small-scale mining sector operations, there is need to formalize. There have been some engagements at Mines and Finance Ministries and they are going to meet and come up with a Statutory Instrument that legalizes policies that have a framework for the ASM sector. This has been on the cards,” he admitted.

    The ZMF CEO let out, the Novel Coronavirus (Covid-19) pandemic has adversely influenced the ASM sector.

    “Covid-19 has greatly created on the ASM sector. We have had challenges such as cash shortages. The cash shortages are emanating from the fact that the commercial flights that have been coming into the country and the international flights were being restricted. Therefore, this impacted on Fidelity Printers having cash. There were acute shortages at Fidelity Printers and Refineries because of the pandemic,” he explained.

    Accordingly, the circumstance oversaw to a substantial decline in output. “Production during Covid-19 dropped drastically. Statistics indicates that we went from 22 tons to 9.8 tons,” he announced.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
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    16 Comments

    1. Joseph September 15, 2021 at 1:20 am Reply

      Great report, Journalist Bangura. Africa is going back to be great as before. Kampala in Uganda. Joseph

      • New Africa Business News, Staff Correspondent September 15, 2021 at 1:27 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Samuel September 15, 2021 at 1:22 am Reply

      The free trade is lifting millions out of poverty. Samuel in Lagos NIGERIA

      • New Africa Business News, Staff Correspondent September 15, 2021 at 1:27 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. George September 15, 2021 at 1:24 am Reply

      Thank you for the report. Investing in Africa is the solution. Lusaka ZAMBIA. George

      • New Africa Business News, Staff Correspondent September 15, 2021 at 1:27 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Fred September 15, 2021 at 1:25 am Reply

      Great newsletters and thank you. Oslo, Norway. Fred

      • New Africa Business News, Staff Correspondent September 15, 2021 at 1:26 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. James September 16, 2021 at 3:26 pm Reply

      Am an annual subscriber for the unlimited access of new Africa business news. Great timely news. You are the best. Berlin in Germany

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      Love the unlimited access and you all. We love the contents. Luanda ANGOLA. Lindy

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    7. Kim September 16, 2021 at 3:33 pm Reply

      New Africa business news should have did pay online subscription many months ago. Other online newspapers have being doing it for many years. Thank you. Oslo, Norway. Kim

      • New Africa Business News, Staff Correspondent September 16, 2021 at 3:41 pm Reply

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      Am extremely happy that globally readers are subscribing for the pay subscription. I have no doubt is going to be a great great success. Am a happy subscriber. My love for Afrika is pure. Afrikan in France. Paris in France. Ahmed

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