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Metallon Gold risks losing Zim licence

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

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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.

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mzi khumalo  |  zimbabwe  |  indigenisation


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