Monday, July 28, 2014 Local time: 04:11

News / Economy

Zimbabwe Wants to Revoke Metallon Gold Licence

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Gibbs Dube
The Ministry of Indigenization says Zimbabwe should revoke licences of three gold mining companies, including the nation’s largest gold producer – Metallon Gold - for failing to comply with the black economic empowerment law.
 
The Ministry’s Legal Advisor Psychology Maziwisa said they have requested the Ministry of Mines to revoke the licences of Metallion Gold of South Africa, Canadian-owned Vumbachigwe Mines and John Mack Gold Mine if the firms do not immediately submit acceptable indigenization proposals.
 
Maziwisa said these three companies have since 2011 declined to transfer equity stakes of 51 percent to local people as per the provisions of the indigenization law.
 
Mines Minister Obert Mpofu said the licences will be revoked if the companies have not complied with the Indigenization and Economic Empowerment Act.
 
But parliamentary mines committee member Moses Mare said his committee will not allow this to go ahead.
 
Executives of the three mining companies were not immediately available for comment. South African business tycoon, Mzi Khumalo, is the largest shareholder in Metallon Gold.

Several mining companies have complied with the indigenization law by proposing to transfer some equity stakes in the form of empowerment credits.
Interview With Psychology Maziwisa
Interview With Psychology Maziwisai
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Interview With Obert Mpofu
Interview With Obert Mpofui
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Interview With Moses Mare
Interview With Moses Marei
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