Zim withdraws controversial mining Bill

Zimbabwe’s new inclusive government has withdrawn from Parliament the country’s controversial mining Bill, which would have forced foreign-owned mining firms to cede a controlling stake to Zimbabweans.

Citing Zimbabwe’s Mines and Mining Development permanent secretary Thankful Musukutwa, the Zimbabwe Guardian said on Monday that the draft law had been withdrawn to allow for stakeholder consultation.

The withdrawal of the Bill is in line with promises made by Zimbabwean Prime Minister Morgan Tsvangirai last month.

Tsvangirai, who had then just ended a three-week tour of Western capitals where he pitched for funds to help rebuild the ailing Zimbabwean economy, said Zimbabwe’s indigenisation law would be amended to lure foreign investors into the mining sector.

Under the draft law, foreign firms mining strategic minerals such as coal and coal-bed methane would have been required to sell 51% shareholding to the government, with the state taking 25% of that stake free.

Government would also take 25% shareholding in precious minerals such as gold, diamonds and platinum, while another 26% would go to locals.

“We are reviewing it. Fifty-one percent is far, far too high. The new coalition government hopes to agree a new local ownership level that is comfortable for investors, but still beneficial to the mineral-rich nation,” said Tsvangirai at the time.

The changes to the Mines and Minerals Act were approved by the Cabinet in 2006, but never signed into law.

“There has been realisation that in its present form the Bill would not be able to attract meaningful investment. Zimbabwe competes with other countries for investors,” said Musukutwa.

“What would go into the new Bill is dependent on the consultations and input stakeholders would have put forward,” he added. — I-Net Bridge

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.


Meet the doctor leading Africa’s fight to contain the coronavirus...

Dr Matshidiso Moeti’s father helped to eliminate smallpox. Now she’s leading Africa’s efforts against the coronavirus

Stella set to retain her perks

Communication minister will keep Cabinet perks during her two months of special leave

Covid-19 grounds Nigeria’s medical tourists

The country’s elites, including the president, travelled abroad for treatment but now they must use the country’s neglected health system

Press Releases

Rahima Moosa Hospital nursing college introduces no-touch facial recognition access system

The new system allows the hospital to enrol people’s faces immediately, using artificial intelligence, and integrates easily with existing access control infrastructure, including card readers and biometrics

Everyone’s talking about it. Even Kentucky

Earlier this year South African fried chicken fast-food chain, Chicken Licken®, launched a campaign for their wallet-friendly EasyBucks® meals, based on the idea of ‘Everyone’s talking about it.’

New energy mix on the cards

REI4P already has and will continue to yield thousands of employment opportunities

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world