Mines, Min­er­als draft Bill fi­nalised

Chronicle (Zimbabwe) - - Business Chronicle -

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

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