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Zim: No changes to indigenisation law

Apr 24 2013 15:50
Malcom Sharara, Fin24’s correspondent in Zimbabwe
Harare - Zimbabwe's Indigenisation Minister Saviour Kasukuwere on Wednesday said the ministry has not changed its legislative framework.

This refutes reports by state newspaper The Sunday Mail that there have been amendments to the Indigenisation and Economic Empowerment Act.
 
At a press conference held at his government offices on Wednesday morning, Kasukuwere said: “I would like to advise the general public that implementation of the indigenisation and economic empowerment programme will continue to be guided by the Indigenisation Act (Chapter 14; 33), statutory instrument 21 of 2010 as amended, general notices No 114 and 459 of 2011 and general notice 280 of 2012.”
 
Kasukuwere said his ministry has not changed its legislative framework, and any reports to the contrary are misleading and misguided.
 
Section 21 of the Indigenisation and Economic Empowerment Act (Chapter 14;33) empower the minster to make regulations which further the achievement of the 51% indigenous shareholding requirement after consultations with the National Indigenisation and Economic Empowerment Board.
 
“As the minister responsible, I have the delegated legal responsibility to make regulations in the interests of achieving government policy on indigenisation and economic empowerment, which I deem necessary as my ministry continues to implement, monitor and evaluate the programme.”
 
The ministry continues to engage businesses with a view to achieving the 51% indigenous shareholding requirement on a mutual beneficial basis.
 
“In line with this, my ministry continues to engage the major mining companies on the basis of the term sheets, which we signed during 2012 and early 2013.

"As previously stated, the term sheets are non-binding and subject to negotiation and approval by the relevant government authorities.”
 
However, a closer look at the Sunday Mail report shows that the paper said the amendments were merely a “white paper” and not necessarily a final position.
 
The report said: “Government is currently working on a legislative framework through which locals will be able to use mineral resources on mining claims as a contribution for equity in foreign mining ventures, while also relegating the vendor financing model.”
 
The paper also said: “In essence, if the amendments sail through, locals, as represented by the National Indigenisation and Economic Empowerment Board (NIEEB), will be able to use the valuation of mineral resources as contribution to their stake in mining companies."

 - Fin24

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saviour kasukuwere  |  zimbabwe  |  mining  |  indigenisation

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