Treasury has also projected that the mining sector will grow by a margin ofaboutsevenpercentin2021
denominated trading platform (VFEX) on Friday that the ministry, working closely with the Chamber of Mines in Zimbabwe, would seek to capitalise on VFEX and urged non-listed extractive entities to grab the opportunity.
Already Australian mining company, Arcadia Resources, Invictus Energy, Blanket Mine parent firm, Caledonia, Seed Co International Limited, and a total of about 80 companies have signalled interest to list on the VFEX.
This represents a step in the right direction for the new platform, which will start official trading of securities tomorrow, under the guidance of the Zimbabwe Stock Exchange (ZSE). The new stock exchange is also expected to help reduce foreign currency and settlement risks
previously associated with the economy.
“We would want to see the Victoria Falls Stock Exchange funding exploration. There is so much potential in this country to develop beyond the US$12 billion if we realign our thinking. The US$12 billion milestone is just for 2023 but the industry could go beyond that by 2030 and this is a platform for doing that. What we would like to see through the Chamber of Mines and VFEX is to try and see what the listing requirements are, that’s a way to have clarity and flexibility. It’s very important that the listing requirements are aligned to the needs of the mining companies to participate there.”
Minister Chitando bemoaned what he termed as “lack of appreciation” of mining sector operations mainly by the financial services sector. He said this gap has resulted in limited financing of key exploration activities that could unlock immense economic value do the economy.
“The language is ‘you are doing
MINISTRY OF HEALTH & CHILD CARE