New policy critical in reviving Zimbabwe mining

Chamber of Mines of Zimbabwe president Winston Chitando says there is an opportunity for astone crusher for back of tractor world-class mineral development policy that will guide the formulation of legislation, fiscal measures and other government interventions that will help revive the mining industry.

Chitando told delegates attending the Chambers annual general meeting that a new policy could be critical in unlocking value in the sector. The CMZ leader said the policy would outline and clarify government expectations from mining companies and how it proposes to promote a conducive environment for extraction of minerals.

There is a great opportunity to develop a mineral development policy that can be the anchor for the minerals sector development, said Chitando.
He said miners would soon make submissions to the government.

Meanwhile, Mines and Mining Development minister Obert Mpofu has announced that amendments to the Mines and Minerals Act are now at an advanced stage, amid expectations that Cabinet will give a nod next month to the proposed changes.

Mpofu said the amendments will promote investment and sustainable development in the sector, in addition to guaranteeing security of tenure, while ensuring efficient use of land under title.

The Act is also expected to guarantee increased capacity in mineral production, value addition and also enforce the use-it-or-lose it principle.

He said the mining sector will be presented with a more investment-focused legislation based on a win-win principle that also addresses issues of levies and taxes to reflect prudence in the application of mineral rents.

First quarter mineral revenues surged 10,4% to $458,4 million buoyed by an increase in output despite frequent power outages, underfunding and high mining fees.

By Newsday