Zimbabwes mining policies among the worlds worst

obert_mpofuBULAWAYO - Zimbabwe has been ranked alongside Venezuela and Ecuador as countries with the unfriendly mining policies in the world, according to a survey by a Canadian based independent policy research organisation. (Pictured: Mines Minister Obert Mpofu. His mining policies have been condemned as

The survey conducted by Fraser Institute, described as an independent policy research group in Canada, ranked Zimbabwe 69 in a list of 72 countries with the worst mining policies worldwide.

Listed in the research report as the 10 areas having the least friendly mining polices in descending order are Venezuela, Ecuador, the Philippines, Zimbabwe, Democratic Republic of the Congo, Mongolia, Bolivia, Honduras and Guatemala.

Zimbabwes black empowerment and indigenisation policies have been cited as one of the reasons said to be scaring away investors from investing in the troubled sector.

President Robert Mugabe has said that the indigenisation policies compelling foreign owned firms to cede 51 per cent of their shareholding to black Zimbabweans will first target mining companies.

Government has also said it is reviewing the Mines and Mineral Act to introduce a raft of new taxes that mining firms will be forced to pay.

We are reviewing the Mines and Mineral Act. The Act favours the miners and not the country. Very little is going into the fiscus despite the many various minerals in the country, Mines Minister, Obert Mpofu said last week.

The top seven countries deemed by the Fraser Institute having the friendliest mining policies in the world were, in descending order: Canada; Finland; Alberta, Canada; USA; Chile; and South Australia.

Post published in: Economy

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