Harare (New Ziana) – The government has given mining title holders till the end of April to settle outstanding annual renewal fees or risk losing title, Cabinet resolved on Tuesday.
Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said the Mines and Minerals Act provided for payment of annual renewal fees by all holders of mining title.
But she said government was owed annual renewal fees by some holders of mining title.
“Cabinet resolved as follows: that all holders of mining title are urged to observe their obligations to pay for annual renewal of mining title failing which they would lose the title as provided for in the Mines and Minerals Act,” she said in a post Cabinet briefing.
“All mining title holders, those who owed money to the Ministry of Mines and Mining Development as at 31st January 2020 be given until 30 April 2020 to pay up, failing which the mining title would be lost in terms of the provisions of the Mines and Minerals Act.”
Adding on, Mines and Mining Development Minister Winston Chitando said government was owed at least ZWL $200 million in annual fees as of January 30.
“The 200 million relates to that mining title where the owners or holders have not been observing or are in arrears as far as payment of the mining title is concerned,” he said.
Meanwhile, Chitando informed Cabinet about synergistic collaboration his Ministry had tied up with the Zimbabwe Open for Business Forum, an independent organisation formed by young Zimbabweans which has played a key role in marketing the Zimbabwe mining industry at its own cost.
“In particular, Cabinet was advised of the role played by Forum at the recent Mining Indaba in Cape Town in early February, 2020, where apart from arranging various investor interface functions, the Zimbabwe Open for Business Forum established for the first time a Zimbabwe Lounge in the national interest.
“In view of the foregoing, Cabinet agreed that the Ministry of Mines and Mining Development enter into a Memorandum of Understanding with Zimbabwe Open for Business for cooperation in the promotion of mining investment in Zimbabwe,” Mutsvangwa said.
Mining is Zimbabwe’s biggest foreign currency earner and is one of the sectors earmarked to anchor the country’s economic revival.
Zimbabwe has a huge and highly diversified mineral resource base with about 60 minerals whose commercial profitability has been proven, including the second-largest known platinum reserves, huge deposits of lithium, gold and chrome.
Zimbabwe is targeting to transform the mining industry into a $12 billion industry by 2023.