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(Apr 13, 2012) On April 5, 2012, Zimbabwe's Mines and Mining Development Ministry announced plans to finalize an amendment to the country's Mines and Minerals Act. The revised provisions are intended to promote investment as well as sustainable development. Minister Obert Mpofu's statement indicated that the new version of the law will guarantee security of tenure and aid efficient land use. In addition, the Ministry said that a new policy on diamonds will be released by the end of 2012. (Official Says State to Finalize Mines, Minerals Amendment Bill Soon, NEWSDAY ONLINE (Apr. 6, 2012); World News Connection online subscription database, Doc. No. 201204061477.1_a43c004aa30d039e; Ministry of Mines and Mining Development website (last visited Apr. 9, 2012); The Mines and Minerals Act Ch. 21:05, 3 STATE LAWS OF ZIMBABWE (1996).)
According to Mpofu, given "the importance and strategic nature of diamonds to the nation," the policy being developed by the Ministry will be based on consultation with stakeholders. (Official Says State to Finalize Mines, Minerals Amendment Bill Soon, supra.)
The new version of the Act will include new fees for mining claims and exploration. (Id.) The Ministry has included on its website a statement from Zimbabwe's Finance Minister, Tendai Biti, arguing that the mining and tax laws need to be amended so that the country can benefit from its natural resources. He noted that Zimbabwe netted very little from the industry due to tax rebates and other concessions to industry and added, "[i]f we are going to wait for royalties and taxes, Government can forget using the minerals to pay for the country's debt ." (Mining, Taxation Laws Need Urgent Amendment, Ministry of Mines and Mining Development website (last visited Apr. 9, 2012).)
|Author:||Constance Johnson More by this author|
|Topic:||Mining and mineral resources More on this topic|
|Jurisdiction:||Zimbabwe More about this jurisdiction|
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Last updated: 04/13/2012