Mines, Minerals draft Bill finalised
MINES and Mining Development Deputy Minister Fred Moyo says the Mines and Minerals draft Bill has been finalised as authorities seek to increase revenue inflows, investment and job creation in the sector.
The draft Bill includes proposals on local ownership and control of resources, land rights, mining permits, value addition and beneficiation.
It also includes a provision whereby regulatory authorities will only issue mining rights to resources companies listed on the Zimbabwe Stock Exchange.
According told a ZBCtv report on Wednesday, consultations on the bill were almost complete.
The draft Bill also proposes that Zimbabwe must export processed mineral commodities to increase revenue inflows from strategic minerals such as gold, platinum, nickel, chrome and diamonds among others.
And in a bid to minimise speculative holding of mining grants, the proposed amendments to the Mines and Minerals Act state that an exclusive exploration licence shall not be issued for more than three years.
Following nationwide consultations, the Government was able to come up with the Mines and Minerals Amendment Bill of 2015.
Economic commentators have said if the Mines and Minerals Act, crafted during the colonial era, is amended, it was likely to foster investment into the country.
Official data from the Zimbabwe Chamber of Mines shows that the local mining industry contributes about 15 percent to the Gross Domestic Product, 53 percent of foreign exchange earnings as well as between 8 to 12 percent of government’s income.— ZBCtv/Business Chronicle.
Deputy Minister Fred Moyo