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Zimbabwe to implement ‘use it or lose it’ mining policy - Mr Kambamura

Mining News - Published on Mon, 15 Apr 2019

Image Source: NewsDay Zimbabwe
Mines deputy minister, Polite Kambamura, said that Zimbabwe is considering taking away mining rights from companies that are taking long to dig for minerals. Further details would be provided in due course. The country is set to overhaul its mining legislative framework as the southern African nation tries to open up the sector to foreign investment and spur production to improve mineral earnings.

President Mr Emmerson Mnangagwa outlined government’s legislative agenda when he opened Parliament, indicating that the mining sector is a key component of the country’s economic recovery program. Mr Mnangagwa said that “The Mines and Minerals Amendment Bill will be retabled to address some inadequacies therein and will further provide for online registration of mining rights and title. The Gold Trade Bill and Precious Stones Trade Bill which seek to curb leakages of precious minerals will also be tabled before Parliament.”

The Mines and Minerals Amendment Bill was passed by both the lower and upper houses in the last Parliament, but was vetoed by Mnangagwa.

Among the progressive moves expected is the dropping of a clause requiring foreign mining firms to list on the Zimbabwe Stock Exchange.

The Act is also expected to take into account changes to the local ownership law which restricted foreign shareholding in mining houses to 49%. The law has since been amended and now only applies to companies mining platinum and diamonds.

Currently, the gold industry is regulated through the Mines and Minerals Act, the Reserve Bank of Zimbabwe Act, the Finance Act, Criminal Law (Codification and Reform) Act, Exchange Control Act and the Environmental Management Act, the Minerals Marketing Corporation of Zimbabwe Act, the Income Tax Act and the Base Minerals Export Control Act.

Mining generates more than half of Zimbabwe’s export receipts, last year it earned USD 2.8 billion, but industry executives say it has the potential to earn more with increased investment.

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Posted By : Rabi Wangkhem on Mon, 15 Apr 2019
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