Zimbabwe is reviewing the new Draft Minerals Development Policy, which should lead to the drafting of a new Mines
and Minerals Development Act.
Mines and Mining Development Deputy Minister Fred Moyo told the local media in Harare earlier this month that the new proposals sought to address key
issues, including minerals governance, the mining industry regulatory framework, the creation of an equitable and competitive fiscal regime, minerals marketing, competing land rights issues and the implementation of government’s indigenisation and economic
empowerment policy in the mining sector.
“We are still working on it. The consultant has submitted the draft [policy document],” Moyo said.
The new policy framework would be aligned with government’s economic revival programme, which focused on the optimal exploitation of the country’s mineral resources to breathe life back into the economy, which had been reeling from serious liquidity constraints, he continued.
Government was aware of the fact that mining is a global business and would ensure that the policy reflected the interests of foreigners willing to invest in Zimbabwe’s mining industry.
The draft policy emphasised the effective and efficient management of natural resources. It also called for a review of the current Mines and Minerals Act, with a view to discouraging hoarding and the abuse of exclusive prospecting orders, and amending the surface rentals regime.
The Chamber of Mines of Zimbabwe has in the past decried the delays to the amendment of the Mines and Minerals Act – now a year behind schedule – as an impediment to investment and the development of the sector.