Minerva – Securing a USD12 billion industry
According to the Minister of Mines and Mining Development Winston Chitando, Zimbabwe aims to achieve a USD12 billion mining economy by 2023. To achieve this target massive investment will be required to extract the precious minerals. Capital investment in exploration, buying extraction plant and machinery; investments in developing human resources and other operational expenses such as prospecting, registration and inspection fees, all require massive financial outlay. Once operational the mine risk exposure increases as extraction, processing and value addition activities as well as shipment of refined mineral and/or valued added products are carried out.
As Minerva Risk Advisors, drawing from our experience in the Zimbabwe Mining sector and our international links, we provide insurance solutions for greenfield projects, mine resuscitation and expansion, as well as operational mines. We have developed solutions for miners in the gold, platinum, chrome, diamond and other sectors. Minerva works with all miners, from small scale miners to mining conglomerates and our structures are designed to respond to the differences in operations and insurance requirements.
Minerva is the leading risk management services, insurance and reinsurance brokerage, and human capital consulting firm in Zimbabwe. Our solutions are aimed at the assets, the people and any loss of profits arising from business interruption or curtailment.
During the investment stage we provide trade and political risks coverage; this will allow foreign investment into the country as investors are assured that their investment is protected. Bespoke insurance policies will then be issued once the mine starts operations with key risk covered being property damage and business interruption. For the human resource we provide personal accident coverage, pension and retirement solutions. For the minerals and value-added products, we provide coverage during processing and for transit/marine cargo and intermediate storage. With guidance from our reinsurance broking arm, we provide cost effective solutions backed by a reputable panel of international reinsurers.
In addition to the traditional risks emerging risks such as environmental impairment, cyber liability, terrorism and most recently disease outbreaks/pandemics the mining sector is faced with a plethora of risks that can disrupt operations leading to millions or dollars in losses. Minerva
leads the industry in providing solutions to emerging risks.
Every mining operation poses a different geographical and operational risk therefore Minerva Risk Management arm will provide risk assessment covering the different aspects of the mine and provide detailed reports with recommendations for improving the risk profile. Implementation of risk management recommendations will result in overall improvement of the risk and will result in massive savings in insurance premium. Most mines target zero rates for mining accident and Minerva will actively aid in achieving this target by providing an independent 360° assessment.
Minerva Risk Solutions provides no obligation insurance portfolio reviews aimed at ensuring that portfolio coverage is adequate, and that coverage is being obtained cost effectively. This is in addition to portfolio design and structuring in line with international standards.
For more details on what Minerva Risk Advisors can provide please contact Juliet Manyika or Kurai Kamwendo on the following e-mail; info@minerva.co.zw , juliet.manyika@minerva.co.zw , kurai.kamwendo@minerva.co.zw
