The Chamber of Mines of Zimbabwe (CMZ) on Thursday said government’s indigenisation programme should focus more on value creation other than just shareholding, if it wants the mining sector to grow.
Addressing guests at an indigenisation workshop in Harare on Thursday, CMZ president Victor Gapare said the chamber supported empowerment but proposed that new players should inject capital in the sector.
“Virtually all Zimbabwean mines are looking for capital after a decade of zero investment. Chamber proposals focus on value rather than just equity in implementing indigenisation and economic empowerment,” said Gapare.
He said the country’s mining sector required at least $6 billion in the next five years.
Gaparare said according to a recent research conducted by the chamber, 50%-65% of claims in the country were in the hands of indigenous players or the Zimbabwe Minerals Development Corporation.
Gapare said the people who had claims needed to the look for partners who they can work with to realise better returns on their investments.
Mines and Mining Development minister Obert Mpofu said the government will stop at nothing to acquire shareholding in companies that had foreign shareholding that is above 51%.
“We are the only country that has not benefited from its own resources. Everything in Zimbabwe has been taken in its raw form. If we were allowed to sell our diamonds we would not be talking about International Monetary Fund and the debt,” Mpofu said.
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“We have enriched foreigners and neighbours.” Indigenisation, Youth Development and Employment Creation minister Saviour Kasukuwere said local people should strive to be shareholders and not be strangers at their own wedding.
Meanwhile, Chris Hokonya the CEO for CMZ, resigned last week in unclear circumstances. Contacted for comment Hokonya said he left the chamber to pursue personal interests.
