23 November 2017
   
Immunity deal for ex-president, wife
UK minister visits Zimbabwe
Missing Mphoko is Acting President
Mysteries about Mugabe's downfall
Zim economic situation very difficult: IMF
KEN YAMAMOTO: What you didn’t know
Coup: ED in 'constant' contact with the army
ZCTU: No more thieves & thugs in cabinet
MORE NEWS
Mnangagwa: Investors already flocking in
Hippo valley income up fourfold in H1
MORE BUSINESS
VIDEO: Bob portrait hotel brawl
Jah Prayzah salutes Zimbabweans
MORE SHOWBIZ
Dembare's Mukamba goes AWOL again
Premiership back in Mutare city
MORE SPORTS
Legacy of economic ruin and upheaval
Caught between the Croc and Gucci City
MORE OPINION
 
The Coriolanus factor and its aftermath
This isn’t a national democratic project!
MORE COLUMNISTS
 
 

Zimbabwe may seize idle mining licences to boost output

19/05/2017 00:00:00
by Bloomberg
 
 
RELATED STORIES

ZIMBABWE may confiscate unused mining licenses from companies and liberalize gold trading as a way to boost output.

Large mines are “sitting on lots of unused claims,” the national Chamber of Mines said in a document outlining initiatives of the proposed Command Mining program.

Revisiting the Gold Trade Act “to allow for the ease of handling and transportation of gold to buying centers” and speeding up mine registration are among other recommendations.

Zimbabwe, whose economy has halved since 2000, is looking for ways to boost output growth to almost 10 percent next year, mainly through agriculture and manufacturing, and by giving more people access to banking services.

The country, which has the world’s biggest platinum reserves after South Africa, is experiencing a liquidity crisis that’s led to limits on daily cash withdrawals and resulted in civil servants being paid late last month.

A $40 million central bank fund will buy machinery for small-scale miners, while banks will be encouraged to accept gold-sale records and geological survey reports as collateral under Command Mining, the document showed.

Gold producers in Zimbabwe include RioZim Ltd., Metallon Inc. and Caledonia Mining Corp.

Zimbabwe also mines chrome, coal, diamonds and nickel, among other minerals.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker