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Indigenisation: Only 17 of the 61 share schemes working
25/09/2014 00:00:00
by The Source
 
Most community share schemes not operational ...Empowerment minister Francis Nhema
 
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ONLY 17 community share ownership schemes (CSCOS) out of the 61 launched last year are currently operational while only 20 percent of capital pledges to support them has been paid, a youth and indigenisation ministry official has said.

The schemes are a government initiative under the indigenisation programme to ensure that communities have shares in companies that exploit natural resources in their areas and use the proceeds to fund development projects.

But the deputy director of cooperative development and registration in the ministry of Youth, Indigenisation and Economic Empowerment,  Tafi Greemas Mashonganyika told delegates during the third edition of the Zimbabwe Alternative Mining Indaba in Bulawayo that to date only 17 community share ownership schemes were operational.

“Out of the 61 community share ownership schemes, only 17 are working,” said Mashonganyika. The amount of seed capital received to date is $25.9 million.”

He said 464 companies had pledged $124million to fund the CSCOS.

Of the money received, $5.25million had so far been used for road rehabilitation; water and sanitation, construction; maintenance and repairs to schools and clinics, rehabilitation of irrigation schemes, empowerment of women and youth.

A schedule presented by youth and indigenisation minister, Francis Nhema in Parliament, on April 3 this year, 13 mining companies paid a total of $31 million.

Of the 13 companies only Unki paid the full amount of $10 million; Zimplats, $6 million; Blanket Mine, $5 million; Mimosa, $4 million; Freda $1 million; Rio Tinto owned Murowa Diamonds, $300,000; Mbada, $200,000 and Marange Resources $200,000.



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