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Foreign miners to invest more locally

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HARARE


Amendments to the current legislation governing Zimbabwe’s mining sector will require foreign listed mining firms to invest over 85 percent of funds raised offshore towards developing local mines. This forms part of new provisions in the Mines and Minerals Amendment Bill, presently going through Parliament, which also requires public companies to have the majority of their shares listed on the local stock exchange to be given a mining rights or title.The new mines legislation empowers Zimbabwe’s Minister of Mines and Mining Development to cancel the mining right or title of any company discovered to have falsified information on their listing and the utilisation of proceeds from such listing. Zimbabwe has only four mining companies listed on the local stock exchange despite the central importance of mining to the economy and Government’s push for locals to benefit from the exploitation of the minerals as a finite natural resource. The mining sector contributes about 12-16 percent of Zimbabwe’s Gross Domestic Product and accounts for more than half of the country’s export earnings while it employed thousands of people. – Herald

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