Online Reporter
Mines and Mining Development Minister Winston Chitando, has lauded the new commodity exchange, saying it will provide an extra window of revenue for the local mining sector.
Minister Chitando made the remarks at a recent workshop between the Victoria Falls Stock Exchange (VFEX) and the Dubai Gold and Commodities Exchange (DGCX).
The two parties recently signed a Memorandum of Understanding.
He said the possibilities of trading in finished and semi-finished mineral products will result in the quicker realisation of a US$12 billion mining economy by 2023.
“With an efficient production, value addition and marketing structure we will be able to make the industry even more lucrative for new exploration and expansion investment,” said Minister Chitando.
He also said the new exchange should benefit small-scale miners.
“We also have to look at how the exchange can assist our small-scale and artisanal miners. The contribution of this sector has always been phenomenal, but they are the least equipped and least empowered segment.
“We will, at some point, need to cascade the anticipated benefits of the commodity exchange to this sector, so that they are not left behind,” said Minister Chitando.
DGCX is a financial and commodity derivatives exchange, which is based in Dubai, United Arab Emirates.