ZANU PF has turned the heat on mining companies after the party resolved to push the government to enforce measures compelling mining firms operating in the country to have a primary listing on a proposed new minerals exchange. Bernard Mpofu Chief Business Reporter
The conference also resolved to push for far reaching reforms on the multiple currency regime.
The Zanu PF national people’s conference held in Gweru at the weekend made resolutions that suggested its election campaign ahead of next year’s elections would see it stepping up its rhetoric against foreign-owned mining companies.
Currently, four mining companies out of the over 70 in the country — RioZim, Falcon Gold, Hwange and Bindura Nickel Corporation — were the only listed companies trading on the Zimbabwe Stock Exchange.
“Now, therefore, conference resolves to call upon government to set Zimbabwe’s Minerals Exchange as a vehicle to ensure that there is no external listing of Zimbabwe’s mineral assets,” reads the resolutions in part.
Should the resolution sail through, major mining companies that could be affected by the new regulations include Zimplats, a unit of Impala Platinum (primary listing at Toronto Stock Exchange), Unki, (a unit of Johannesburg Stock Exchange-listed Anglo American Platinum), Blanket Mine (a unit of TSE-listed Caledonia Mining Corporation) and the country’s largest gold producer Metallon, among others.
The conference also resolved to call for the reintroduction of the local currency which became redundant at the height of Zimbabwe’s unprecedented economic meltdown in 2008. In 2009, the inclusive government, which was formed after controversial elections in 2008 adopted the multiple currency regime although the United States dollar and South Africa rand were widely used.
