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(HERALD) Cabinet approves minerals exploration company

Cabinet approves minerals exploration company
Tuesday, 16 August 2011 02:00


Cabinet has approved the draft framework for establishing a company to spearhead exploration of minerals throughout the country, a senior Government official said on yesterday. The company, to be called the Zimbabwe Mineral Exploration Corporation, will enable the Government to know the extent of the country's mineral wealth and reap maximum benefits from the resources.

Mines and Mining Development deputy Minister Gift Chimanikire, told New Ziana that the Attorney General's Office was now drafting the Statutory Instruments needed to give legal effect to establishment of the company.

"We have taken the matter before the cabinet committee on legislation and it has been approved," he said.

"Now we are waiting for the AG's office, which is currently working on drafting the necessary Statutory Instruments."

Deputy Minister Chimanikire said that the SIs would also allow the Government to court private players to partner it in the entity to cushion it from the huge costs of carrying out exploration activities.

He said this would also aid the smooth operations of the company as its success hinged on the availability of adequate funding.

"Once the AG is done with drafting the necessary laws, we will then float a tender for partners because we need a private player to partner us," he said.

Deputy Minister Chimanikire was, however, unable to give a timeline when the company would be operational.

Once operational, the ZMEC is expected to complement mineral explorations that are being undertaken by the private sector, albeit to a very minimal extent.

The absence of extensive exploration work over the years has resulted in the country failing to determine the extent of its entire mineral wealth.

In many instances the Government has become aware of the existence precious minerals after illegal miners swooped on areas as what happened at Chiadzwa where one of the richest diamond fields in the world was discovered. - New Ziana.

Labels: MINING, PARASTATALS, ZIMBABWE

posted by MrK @ 3:32 PM