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Zimbabwe to implement ‘use it or lose it’ mining policy

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Christian Fernsby | Monday April 15, 2019 7:37AM ET
Further details would be provided in due course
Africa   Further details would be provided in due course

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.

 

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