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Wednesday, May 29, 2024

Mineral commodity exchange in motion

Story by Stanley James, Business Editor

Zimbabwe has stepped up efforts to set up a Minerals Commodity Exchange to ensure viable returns for the miners.

The commodity exchange is expected to be operational by the end of the first quarter of the year and is being introduced in line with global market trends.

Giving an update on the preparations, Securities and Exchange Commission of Zimbabwe Chief Executive Officer, Mr Anymore Taruvinga revealed that mining stakeholders are supportive of the initiative.

“Consultations over the matter are in progress because we also want to get all the relevant input from key stakeholders to ensure that the entire system becomes a success as we gear for this interesting and exciting journey that will unlock value while providing the relevant returns to the miners at a time when the sector continues to play a pivotal role in the overall macro-economic development matrix therefore relevant stakeholders are being consulted and most of them are fully behind this idea that will position Zimbabwe among the global mining producing countries,” he said.

Mr Taruvinga also highlighted the importance of the exchange.

“It provides that element on enhancing market accessibility for the miners, create a platform for better returns or increased earnings to the miners, gives the platform for the mining sector to focus on processed minerals while also creating that element for better pricing of minerals, it even lessens the effects or opportunities of side marketing that have also prejudiced the sector of the much-needed revenue or income inflows.”

The market is also expected to facilitate efficiency in the trading of various mineral commodities.

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