GOVERNMENT is expected to complete consultations on the new mining policy draft in the first quarter of next year amid concerns that some investors are holding on to idle concessions for speculative purposes, a senior government official has said.
Zimbabwe this year adopted the mining draft policy that proposes to establish an internationally competitive and stable and conducive business climate to attract investments.
“We are still consulting on the mining draft policy and making our input on the policy.
“After consultation, by the first quarter we will be done,” secretary for mines and mining development Francis Kudyanga has said.
Consultations on the draft policy began early this year before the elections and were undertaken in other parts of the country including Kadoma, Masvingo, Bulawayo among others.
The draft policy ensures equitable distribution of benefits from mining activities to meet both current and future needs.
“The current free mining colonial mineral regime based on claims is inappropriate for using national mineral assets to underpin wider development and industrialisation, ” reads part of the draft policy.
“A developmental mineral policy will cater for the varying levels of resource confidence of potential mineral properties by only permitting exploration licences over areas that have no known mineral occurrences by auctioning all known properties and by reserving partially known deposits for further exploration by State agencies.”
Zimbabwe is currently using a mineral policy that was used by the Rhodesian government.
In terms of the regulatory framework, the government has resolved to overhaul the Mines and Mineral Act to introduce a new minerals development law that will maximise the impact of mineral assets on growth and development.
The policy proposes to create an accessible web-based mining survey, information management system to enhance transparency in the award and monitoring of mineral rights.