GOVT REMOVES REQUIREMENT FOR FOREIGN MINES TO LIST LOCALLY
Written by Mahove Takudzwa on June 4, 2018
Parliament has passed amendments to the mining bill after removing clauses that required foreign mining companies to list on the local stock exchange.
Mines and Mining Development Minister Winston Chitando had last month promised to remove the requirements, which he said caused panic among foreign mining firms and were contrary to the government’s push to open Zimbabwe to foreign investors.
The amendments to the mining bill, which were passed on Thursday, also allow the mines minister, after consulting with the president, to designate any mineral as strategic.
The mining bill will also for the first time officially recognise small-scale miners, who produce more than 40 percent of Zimbabwe’s gold output, meaning that their operations will no longer be considered illegal.