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(TALKZIMBABWE) Non-compliant mining firms to cease operations

Non-compliant mining firms to cease operations
Posted by By Our reporter at 2 May, at 18 : 33 PM Print

SIX of the major mining firms operating in Zimbabwe have submitted their provisional indigenisation implementation plans ahead of the May 9 deadline as directed by government.

Updating the nation on the latest developments regarding the compliance of mining firms with the Indigenisation and Economic Empowerment Act, the Minister of Youth Development, Indigenisation and Economic Empowerment, Savior Kasukuwere said of all the major mining companies in the country, six have submitted proposals that can be discussed.

Kasukuwere noted that government has directed the National Indigenisation and Economic Empowerment Board to handle the transactions on behalf of Zimbabweans in a transparent manner.

“We have six major companies that have complied so far and we have looked at the proposals and these can be used.

“However, we have directed the Empowerment Board to handle all these transactions on behalf of Zimbabweans transparently”, said Kasukuwere.

Unki Mine , New Dawn Mine, Murowa Diamonds, Fredda and Rebecca, Bindura Nickel Mine and Rio Tinto are the companies that have so far complied.

Turning to those who are employing delaying tactics and failing to comply with the law, Minister Kasukuwere said government will not hesitate to ask them to cease operations as there is no going back in ensuring that Zimbabweans benefit from their natural resources.

“Those who do not comply will have to cease operations. The programme is final and will be done,” added Minister Kasukuwere.

Government has since introduced regulations that set minimum requirements for foreign companies to implement indigenisation plans.

The regulations articulated in statutory instrument 34 of 2011 ensure that indigenous Zimbabweans have control of mining firms as soon as the plans are approved and this differs with other industries where timelines of compliance vary and stretch to 5 years.

Labels: INDIGENIZATION AND EMPOWERMENT ACT (ZIMBABWE), NATIONALISATION, SAVIOUR KASUKUWERE

posted by MrK @ 1:44 AM