Zim mine chamber seeks clarity on govt stakes

HARARE – Zimbabwe’s Chamber of Mines said yesterday it wanted clarification with regard to state media reports that the government would seek to take 50 per cent stakes in mining companies.

President Robert Mugabe was quoted on Tuesday as saying the government would take measures to secure shareholding in mining companies accused of costing it serious losses in foreign currency through illegal transactions. “We are going to demand that government be given 50 per cent shares in the mines,” the official Herald newspaper quoted Mugabe as saying.”We cannot recognise absolute ownership of our resources.That must be corrected.”Chamber of Mines President Ian Saunders said the issue had not come up during discussions with the government on proposed black empowerment amendments to existing mining legislation.Earlier this year Mugabe’s government withdrew a controversial draft law compelling mining companies to sell up to 49 per cent of shares to black Zimbabweans, to pave way for consultations following an outcry from the industry.”As a chamber we have no official notification that there is a change in the existing policy,” Saunders told Reuters, adding that the chamber was seeking clarification from the mines ministry.”In fact we’ve just received the first draft of the amendments to the Mines and Minerals Act and they are certainly along the lines of the significant negotiations and discussions we’ve had with the government over the last two months,” Saunders added.Last month Chamber of Mines Chief Executive David Murangari said the sector was on track for recovery after central bank measures that have boosted earnings and access to foreign currency for imported raw materials.Zimbabwe is a mineral-rich country with reserves including gold, platinum, nickel, copper, coal and asbestos.-Nampa-Reuters”We are going to demand that government be given 50 per cent shares in the mines,” the official Herald newspaper quoted Mugabe as saying.”We cannot recognise absolute ownership of our resources.That must be corrected.”Chamber of Mines President Ian Saunders said the issue had not come up during discussions with the government on proposed black empowerment amendments to existing mining legislation.Earlier this year Mugabe’s government withdrew a controversial draft law compelling mining companies to sell up to 49 per cent of shares to black Zimbabweans, to pave way for consultations following an outcry from the industry.”As a chamber we have no official notification that there is a change in the existing policy,” Saunders told Reuters, adding that the chamber was seeking clarification from the mines ministry.”In fact we’ve just received the first draft of the amendments to the Mines and Minerals Act and they are certainly along the lines of the significant negotiations and discussions we’ve had with the government over the last two months,” Saunders added.Last month Chamber of Mines Chief Executive David Murangari said the sector was on track for recovery after central bank measures that have boosted earnings and access to foreign currency for imported raw materials.Zimbabwe is a mineral-rich country with reserves including gold, platinum, nickel, copper, coal and asbestos.-Nampa-Reuters