HomeNewsGovt approves indigenisation plans for 38 mining firms

Govt approves indigenisation plans for 38 mining firms

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The government has approved indigenisation implementation plans of 38 mining companies in the country and is in the process of reviewing other submissions.

Indigenisation plans for mining firms that include Black Granite stone, Zimbabwe Alloy Limited, Dominant Trading, Aloe Holdings, Bilboes Holdings (Pvt) ltd, Explorien Mining, Kadoma Gold projects, SS Minerals, Stone Holdings group, Dorowa Minerals, among others have so far been approved.

According to a report on the status of the indigenisation of the mining sector submissions by Freda Rebecca Gold Mine, G&W Industrials Minerals, First Access Mining Limited, Bikita Minerals and Dakota mining are still being processed by the indigenisation Ministry.

At least 175 mining companies submitted their indigenisation plans to government in June this year.

Under general notice 114/2011 mining companies were required to submit indigenisation plans detailing how they intend to meet 51% direct equity by locals within five years.

Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere on Friday vowed to ago ahead with plans to seize foreign-owned companies that fail to comply.

“As far as we are concerned, we are going ahead with the process and we shall effectively use the laws to empower our people,” he told our sister paper The Standard.

The government recently rejected the 25% social credits that mining companies wanted included in the indigenisation plans and accepted the 26% direct equity.

The government is requesting that mining companies give 10% credits to the communities through the community share ownership schemes.

The community share ownership trust comprises of youth, chiefs, women and the disadvantaged groups in communities. The community would be represented on the board.

Mining companies such as Blanket Mine, Zimbabwe Platinum Mines Limited, Murowa Diamonds, Mimosa Holdings, Duration Gold, Anglo America, are some of the companies that have been given a deadline to comply with the law in the next 7-14 days before their licenses are cancelled.

New Dawn Mining Company memorandum of understanding is still being drafted while Canister Resources has been asked to resubmit its indigenisation plan to the government in the next 14 days.

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