According to the amendment government will get 25% for free while the remaining 26% will be paid for over a period.
In a statement seen by The Zimbabwean Chamber of Mines president, Jack Murehwa, said the Mines and Minerals Amendment Bill H.B 14 of 2007 which was gazetted on November 16 would have a serious impact on the mining industry.
“The second component introduces the issue of indigenisation into the law. Regrettably the Chamber of Â
mines has serious concerns about the impact of this component on the Zimbabwean mining industry,” said Murehwa said.
The chamber was now planning to lobby the government to deal with the contentious clauses on the shareholding structure of foreign owned mines.
“It is therefore the intention of the Chamber of Mines and mining development on this matter with a view to seeking convergence of the though,” he said, adding that the policy would put to waste all the investment that mines had put into their operations so far. Â
Post published in: Economy