16 January 2018
   
Mnangagwa off to Zambia Friday
Special corruption courts soon: CJ Malaba
Millions in roads repair funds looted
ED denies stealing ideas from MDC-T
Chair Moyo says 3 VPs MDC-T’s main dilemma
Mujuru’s house nearly seized for Mphoko
Coup reformed CIO, Army, ZRP: Mangoma
Rivals rage as ED govt ‘bribes’ chiefs
MORE NEWS
Minister sells post-Bob Zimbabwe in Spain
Zim investment indaba set for South Africa
MORE BUSINESS
Racism: Malema party storms H&M stores
Donel Mangena rocks The Voice UK
MORE SHOWBIZ
Bangladesh easily beat Zimbabwe
FC Platinun star dumps Zimbabwe champions
MORE SPORTS
ZHUWAO BRIEF: ED-iots and election delay
A candid conversation with Zhuwao: Mawere
MORE OPINION
 
ED govt legitimacy & the church’s role
2018 election: Zim & the wealth card
MORE COLUMNISTS
 
 

Zimbabwe's draft mining bill says foreign firms must list locally

13/08/2016 00:00:00
by Reuters
 
 
RELATED STORIES

HARARE: Zimbabwe will only issue mining rights to companies listed on the local stock exchange and will not allow the export of raw minerals without ministerial approval, according to a draft mining bill published on Friday.

The bill, which has been in the works for more than a decade, will now be sent for debate in parliament.

Anglo American Platinum, Impala Platinum and Aquarius Platinum are some of the foreign mining firms operating in Zimbabwe but they are not listed on the local stock exchange.

"No mining right or title shall be granted or issued to a public company unless the majority of its shares are listed on a securities exchange in Zimbabwe," the Mines and Minerals Amendment Bill said.

Under the proposed law, holders of mining rights would also be required to use banks registered in Zimbabwe as the government seeks to have greater oversight on finances generated in the mining sector.

The government would no longer allow the export of raw minerals unless with written approval of the mines minister, the draft law said.

Minerals like gold and silver would only be exported in refined form as Zimbabwe seeks to get more local involvement and jobs from the mining sector.

Zimbabwe introduced a platinum export tax in January last year but suspended it seven months later after mining companies, including Amplats, Implats and Aquarius, agreed to support local metal processing.

The draft bill also said platinum metals, iron ore, chrome and coking coal would be among 19 commodities designated as "strategic minerals" considered important for the economic, social and industrial future of the country.

 



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker