The Reserve Bank Of Malawi through it’s subsidiary Export Development Fund – EDF will from the 1st of May this year begin buying gold from small scale miners across the country.
This was announced at Chitimbe in Traditional Authority Phalula in Balaka during an engagement between EDF, Centre for Environmental Policy & Advocacy (CEPA), Ministry of Mines and Ministry of Trade and Industries and small scale miners from the area.
According to the Export Development Fund, the focal point of the project is to uplift the livelihood of small scale and artisan miners by purchasing their gold at competitive prices.
EDF officials told Metro that currently they have visited all the gold mining hotspots in the country and conducting an industry mapping so as to identify small scale mining
cooperatives from which they will be buying the gold.
The Reserve Bank of Malawi is mandated by law to buy and regulate the local gold market.
This latest move by RBM will reduce the influx of illegal buyers of gold from neighboring countries who exploit the small scale gold miners.