The Chamber of Mines has called on the government to completely scrap off 51/49 percent indigenization policy reserved for diamond and platinum mining sectors saying the nature of the industry requires lots of capital and still needs to develop.
Addressing the media on Thursday, The Chamber Of Mines Of Zimbabwe President, Batirai Manhando said they are engaging the government with a view to push for the scrapping off of the policy considering that such investments are capital-intensive and requiring a lot of money.
“We do welcome the government position to take away the 51/49 percent to the rest of the minerals except platinum and diamond.
“We are engaging the government and our view is that these are capital-intensive industries and by their nature, they require a lot of money,” said Manhando.
He added that the allocation should be revised in line with other minerals for some time until that industry has developed.
“For us to leave platinum and diamond on the 51/49 percent at this juncture, we think that should be revised in line with other minerals for some time until that industry has invested into and can develop.
“We think that we should not have 51/49 percent in its current form on platinum and diamond because of the nature of the industry that requires lots of capital,” added Manhando.
Meanwhile, the group will next week convene a conference with different stakeholders within the mining industry in Victoria Falls to unlock the value of mineral development through the measures that attract investment into the mining industry.
“The conference will be held under the theme unlock value, maximize benefit, growth perspective for the Zimbabwe mining industry.
“The theme is motivated by the need to maximize benefits associated with the exploitation of our mineral development.
“Of prime importance is to unlock the value of mineral development through the measures that attract investment into our mining industry,” said Manhando.
