Loading...
See More

Metallon Gold risks losing Zim licence

Dec 03 2012 16:30 Malcom Sharara, Fin24's correspondent in Zimbabwe

Related Articles

Mzi Khumalo's mine starts indigenisation

Tycoons to lose homes

Mining magnate closes shop in SA

Sarb swoops on Khumalo’s assets

Zim fine-tuning BEE policy

Zim's pro-black laws scare off investors

 
Harare - Mzi Khumalo's Zimbabwe based Metallon Gold risks losing its operating permit for failing to comply with the country’s indigenisation programme.
 
Empowerment Minister Saviour Kasukuwere named Metallon Gold along with two other mining houses, John Mack Gold Mine and Canada-based Vumbachigwe Mines, as companies that risked losing operating licences after failing to comply with empowerment laws.
 
Minister Kasukuwer told The Sunday Mail that Metallon Gold was resisting pressure to set up community share ownership schemes at its mines around the country.
 
Kasukuwere said the companies face punitive action which could include the revocation of their licences.
 
Fin24 reported on October 8 that Metallon planned to hand over 5% equity in the group to an employee ownership scheme as part of its indigenisation programme.
 
But Minister Kasukuwere said the company’s compliance proposals did not meet the government’s requirements.
 
"We have always been very worried about Metallon Gold. They are the biggest gold mining company in the country, but do not want to comply," he said.
 
"We have now written a final warning to the three mining companies, telling them that if they do not comply they will lose their licences."
 
Kasukuwere added that he has already written to Mines Minister Obert Mpofu a proposal to revoke the mining licence of these companies.
 
"We have already said there are no sacred cows when it comes to the laws of the land."
 
"Those (foreign companies) who are no longer interested in doing business in this country must leave. We have already said let's share the national cake and some are refusing."
 
Valued at more than $320m and employing some 3 657 workers, Metallon Gold owns five mines in Zimbabwe, including Arcturus mine, Shamva mine, How mine, Redwing mine and Mazowe mine.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

mzi khumalo  |  zimbabwe  |  indigenisation
NEXT ON FIN24X

Lonmin completes BEE credits

2014-11-26 15:46

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Africa: Land of Billionaires!

Find out who are the richest of the richest in Africa!

 
 

Men24.com

Best bro movies 2014
Every man should be able to do these three things
Goalkeeper saves five penalties with his FACE!
Hottie of the day: Jesselyn

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...