Posted on November 16, 2018
Zimbabwe to compel mining companies to spend 75pct revenue .Apr 27, 2017 . President Robert Mugabe called for 75 percent local spend for existing firms in a policy statement last April, in a rare admission that conflicting interpretations of the Indigenisation and Economic Empowerment Act — passed in 2008 to compel foreign companies, including mines and banks, to transfer at.indeginisation law and mining,Indigenisation Act amendment set to boost miningJan 2, 2018 . Dumisani Nsingo, Senior Business Reporter THE removal of the local ownership requirement for foreign investment by the Government will be a springboard for a huge boom in the country's mining sector, officials have said. Zimbabwe Miners Federation (ZMF) first vice-president Mr Ishmael Kaguru said.
Dec 8, 2017 . THE 51/49 percent shareholding requirement under the Indigenisation and Economic Empowerment Act would now be applied on investments to extract two precious minerals – diamonds and platinum. Finance and Economic Development Minister Patrick Chinamasa said this yesterday while presenting.
Despite its endowment with various mineral resources and the inclusive government set up in 2009, Zimbabwe continues to suffer an economic tragedy. The country.
ZIMBABWE INDIGENISATION LAW. 1.7.16 In: Commercial Law, Mining & Investment, News. Background The Indigenisation and Economic Empowerment Act is an official affirmative action programme conducted by the Government of Zimbabwe in order to right historical inequalities between the races in Zimbabwe but also.
Apr 2, 2008 . Although Parliament passed amendments to the Mines and Minerals Act, allowing the government "to take over a 25 percent stake in foreign-owned mining companies for free in part fulfillment of the 51 percent indigenisation quota," the revised law lapsed on February 16 because Mugabe failed to sign it.
Jul 6, 2015 . “It is critical to state that the 51% ownership enshrined in the Indigenisation and Economic Empowerment Act applies only to fine products like minerals,” Bimha explained. Investments safe. Bimha thus assured South African companies wishing to go to Zimbabwe to do business that their investments “would.
Jan 2, 2018 . Dumisani Nsingo, Senior Business Reporter THE removal of the local ownership requirement for foreign investment by the Government will be a springboard for a huge boom in the country's mining sector, officials have said. Zimbabwe Miners Federation (ZMF) first vice-president Mr Ishmael Kaguru said.
a way of steering conversations on the same. Background. In pursuant with the IEE Act, Blanket Mine which is owned by Caledonia Mining Cooperation4 signed a Memorandum of Understanding (MOU) with the Minister of Youth, Development,. Indigenisation and Empowerment of the Government of Zimbabwe5 in which it.
Jan 8, 2018 . Section 3 of the Indigenisation Act says all foreigners seeking to invest $500 000 or more in the local extractive sectors must set aside 51 percent of the . agencies, estate agencies, valet services, grain milling, bakeries, tobacco grading and packaging, advertising agencies and artisanal mining. Under the.
In terms of the law, companies shall allocate a maximum of 28% towards the Employee Share Ownership Scheme out of which managerial employees shall not . Fund, the National Indigenisation and Economic Empowerment Fund, the Zimbabwe Mining Development Corporation, Community Share Ownership Trusts and.
and then moved on to economic sectors like mining, manufacturing and banking following the passage of the 'Indigenisation and Economic Empowerment Act of 2007' (IEE). These moves to control foreign involvement in an earlier open economy has led to considerable capital flight and investor caution in increasing future.
Mar 17, 2018 . HARARE - RIOZIM believes lingering concerns over the indigenisation of diamond and platinum mines will be fatal to these respective sub-sectors. Speaking during the tour of Murowa Diamond Mine by the parliamentary portfolio committee on Mines and Energy this week, RioZim chairperson Lovemore C.
May 17, 2016 . While this Statement does not have the force of law, or amend any of the relevant legislation - indeed in some respects it is flatly contradictory - it is useful . For practical purposes this principally relates to the mining sector, where government or certain “designated entities” are required to hold equity stakes.
Dec 8, 2017 . The Emmerson Mnangagwa-led government has moved to restrict former President Robert Mugabe's signature indigenisation law which forces foreign . "In the extractive sector, that is mining, the proposed amendment will confine the 51-49 percent indigenization threshold to only two minerals, namely.
compounded by the non-compliance to the requirements of the indigenisation law by the four qualifying companies that are operating in this district. • Traditional leaders are not involved in the regulation of mining activities by mine owners, yet they are the custodians of the areas in which mining takes place;. • Strangers in.
Apr 1, 2016 . Zimbabwean agencies work overtime as diamond mining companies rush to comply with indigenization legislation. The April 1 deadline compelled many firms to submit their proposals on how to engage with the law.
Mar 19, 2018 . It was expected that amendments to the Indigenisation and Economic Empowerment Act would have been made in Indigenisation and Economic . the Zimbabwe Mining Development Corporation, the Zimbabwe Consolidated Mining Company and the National Indigenisation and Empowerment Fund.
Feb 22, 2018 . THE Chamber of Mines of Zimbabwe (CoMZ) has said government should revisit the indigenisation law on platinum and diamonds miners in a bid to lure foreign capital to the relatively undeveloped sub-sectors, which still require huge capital outlays. President Emmerson Mnangagwa's administration has.
Amendment s to the Mines and Mineral Act Bill. □ Minerals . Corporation Bill. □ Amendments to the Indigenization and Economic Empowerment. Act. □ New Fiscal Framework for the Mining Industry. □ The Gold Trade Act. □ Precious stone Trade Act . indigenisation and economic empowerment. □ According to the.
Dec 8, 2017 . The measures include the partial repeal of a controversial indigenisation law passed under former president Robert Mugabe that had limited foreign . Chinamasa forecast the economy would grow by 4.5% in 2018, driven by his austerity measures and anticipated growth in the mining and agricultural.
Jan 30, 2018 . But, they were quick to express optimism that government was now doing a lot in this direction by way of reviewing its laws on mining. A keynote speaker at the event, a Fellow of the NSE, Ben Nwode, who spoke extensively on Environmental Impact Assessment (EIA), explained the need for every project to.
assist Zimbabwe's agricultural sector citing the indigenisation law as the reason. Meanwhile beneficiaries of the chaotic land reform programme have confessed that their participation in the land grab exercise was a result of greed to merely snatch the farm houses from the white community and not to till the land.
generally strengthen implementation of the principal regulations. Supplementary amendments were also issued on March 25, 2011 in a General Notice 114/2011 setting out minimum requirements for indigenisation implementation plans for businesses in the mining sector. For example, all mining businesses, not already.
Mar 18, 2018 . Artisanal mining. Below is a review of the amendments by Veritas: BILL WATCH 5/2018. [17th March 2018]. Indigenisation Act Amendments Are Now Law. It was expected that amendments to the Indigenisation and Economic Empowerment Act would have been made in Indigenisation and Economic.