HomeNewsHazy legal framework scares away investors: Mudenda

Hazy legal framework scares away investors: Mudenda

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SPEAKER of the National Assembly Jacob Mudenda yesterday said the country was failing to fully exploit the potential in its mineral wealth due to delays in the finalisation of the Mines and Mineral Amendment Bill.

BY KENNETH NYANGANI

Mudenda made the remarks in Mutare yesterday in his keynote address at the Portfolio Committee on Mines Mining Development’s three-day workshop on the review of legislation and policies governing the mining industry.

He said no serious investor was prepared to venture into a sector that had a weak legal framework.

“Let me, from the onset, welcome you all to this crucially important workshop, which must define the enactment process of the long-awaited mines and minerals law,” he said.

“The unforgivable incessant delays in finalising the Mines and Mineral Amendment Bill have become a stumbling block to the speedy realisation of Zimbabwe’s full mining potential.

“No serious investor is prepared to venture into a sector that has a nebulous legal framework which does not guarantee security of tenure and assured return on investment backed by the clarity of law.”

Mudenda said plans were afoot to grow the mining industry to a US$12 billion economy by 2023.

“It is, therefore, axiomatic that there is an urgent need to conclude drafting of this Bill without much ado. I vividly recall my participation at the first workshop that was held at Leopard Rock Hotel in Vumba way back in January 2018, which culminated in the adoption of a number of resolutions,” he said.

“Tremendous progress was made in the implementation of some of the resolutions, particularly the tabling of the Mines and Minerals Amendment Bill in Parliament that same year. The Mines and Minerals Amendment Bill was debated and went through all the parliamentary procedural stages in both houses.”

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