Thursday, April 25, 2013

(NEWZIMBABWE) Indigenisation: Miners in the dark over proposed changes
24/04/2013 00:00:00
by Business Reporter

THE Chamber of Mines says it has not received any "written communication" of proposed changes to the country’s indigenisation and economic empowerment laws.

In a statement Wednesday, chamber boss Winston Chitando said: As of now, the chamber of mine of Zimbabwe has not received any written communication or advised of the proposed changes. Neither has it been advised by any of its members of receipt of such communication.

“It is common knowledge that most of our members are positively engaged with government on the indigenisation and economic empowerment (programme) and keen on ensuring its expeditious conclusion in the spirit of unlocking the full value of the mining sector and its role in the economic transformation of Zimbabwe.”

Foreign companies are now required by law to transfer 51 percent of their Zimbabwe operations to locals with the beneficiaries expected to pay fair value for the equity.

But state media reports early this week suggested the government was looking at amending the legislative framework to remove the requirement for compensation with regard to mining companies.
However, Empowerment Minister Saviour Kasukuwere said Wednesday that this was not the case.

“I would like to advise the general public that implementation of the indigenisation and economic empowerment programme will continue to be guided by the Indigenisation Act (Chapter 14; 33), statutory instrument 21 of 2010 as amended, general notices No. 114 and 459 of 2011 and general notice 280 of 2012,” he said.

“As the minister responsible, I have the delegated legal responsibility to make regulations in the interests of achieving Government Policy on indigenisation and economic empowerment, which I deem necessary as my Ministry continues to implement, monitor and evaluate the programme.
“(But) my ministry continues to engage major mining companies on the basis of the term sheets, which we signed during 2012.

“As previously stated, the term sheets are non-binding and subject to negotiation and approval by the relevant Government authorities. Any reports to the contrary are misleading and misguided.”

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