Fresh threat for mining companies

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Twenty-four mining companies that have failed to submit acceptable indigenisation implementation proposals have been given up to Friday this week to submit revised plans or face possible deregistration.

The Ministry of Youth Development, Indigenisation and Empowerment on Friday listed Aquarium Trading, Pan Reef Mining, Turnoff Investments, Raintree Mining, San He Mining, Koodoovale, China Jin Bail, Kim Minerals Apex Petroleum as some of the companies that had not yet complied.

Other companies that have not complied include
Marbil Mining Syndicate, LDS Holdings, Calorific Mining, Bunday Technical Mining, First Access Mining, Prowick Investments, Zimbabwe Granite, Turtle Mining, Massabi Coal, Waylox Mining, Prowick Investments and Hong Ji Mineral Development.

“The minister is therefore notifying these businesses that if they do not submit compliant indigenisation implementation plans within seven days of publication of this notice, he will proceed to take necessary measures on behalf of the Government of the Republic of Zimbabwe, to enforce compliance or cause their deregistration,” reads a statement issued by Prince Mupazviriho Permanent Secretary in the ministry.

At the end of last month Indigenisation and Empowerment minister Saviour Kasukuwere said he was pleased that most companies had met the September deadline by which they should have submitted plans to transfer a 51% stake to indigenous Zimbabweans.

“We are happy that most of the significant mining firms in the country have complied with the indigenisation and empowerment law,” said Kasukuwere.

Kasukuwere said at least 38 indigenisation implementation plans had been approved out of a total of 175 plans submitted. He said 134 mining businesses had submitted plans non-complaint with the minimum requirements of indigenisation applicable to the mining sector leading to meetings with the respective companies which resulted in mining firms agreeing to come up with revised plans.