Publications
Partners
Harare - Zimbabwe is set to engage fund managers to unlock value for the community share ownership trusts that are set to receive hundreds of millions from indigenised companies.
Some of the companies that have donated or pledged funds to the community share ownership trusts include Impala Platinum Holdings [JSE:IMP] subsidiaries Zimplats and Mimosa, which donated US$10m each.
Addressing fund managers at a breakfast meeting in Harare on Wednesday, Indigenisation and Empowerment Minister Saviour Kasukuwere urged them to seize opportunities presented by the empowerment process to unlock value for the country.
Kasukuwere the National Indigenisation and Economic Empowerment Fund will soon go to tender for fund management, audit and legal advisory services for community share ownership trusts (CSOTs).
Kasukuwere said as part of the ministry’s objective towards corporate governance, CSOTs will invite tenders for fund management and audit services from reputable local companies.
There are six CSOTs in the country currently, while more are expected to be launched soon. The value of the trusts in the form of shares in mining companies is in excess of $1bn.
In addition, more than $110m has either been pledged or paid out to community share trusts by mining companies as seed capital for initial community projects.
Meanwhile, Zimbabwean Mines Minister Obert Mpofu on Wednesday afternoon announced his ministry’s plans to review royalties on platinum, with the least processed grade attracting stiffer charges.
The minister said semi-processed ore will attract more charges than refined ore, adding that the move is meant to force platinum producers to start processing the mineral locally.
The country charges 10% royalty on platinum. This is the highest among regional countries, excluding South Africa. Angola charges 5% on diamonds and 5% on platinum.
“We have become a source of cheap raw material and we need to improve on the value of our minerals - especially our precious minerals - and that should stop,” he told journalists after his first meeting with the newly-appointed Minerals Marketing Corporation of Zimbabwe (MMCZ) board.
Addressing the new MMCZ board, Mpofu said the board is tasked with leading value addition initiatives for all minerals.
“As for diamonds and other precious minerals, we want you to lead the process of value addition; MMCZ should take a lead and others can follow. That is your mandate,” he said.
“We can’t continue selling our minerals for nothing.
"I mean, there is a shortage of diamonds in the world right now and the price is supposed to be very high but because of certain challenges that our diamond sector is facing because of sanctions, people are actually getting our diamonds for next to nothing because they are discounted.”
- Fin24
Some of the companies that have donated or pledged funds to the community share ownership trusts include Impala Platinum Holdings [JSE:IMP] subsidiaries Zimplats and Mimosa, which donated US$10m each.
Addressing fund managers at a breakfast meeting in Harare on Wednesday, Indigenisation and Empowerment Minister Saviour Kasukuwere urged them to seize opportunities presented by the empowerment process to unlock value for the country.
Kasukuwere the National Indigenisation and Economic Empowerment Fund will soon go to tender for fund management, audit and legal advisory services for community share ownership trusts (CSOTs).
Kasukuwere said as part of the ministry’s objective towards corporate governance, CSOTs will invite tenders for fund management and audit services from reputable local companies.
There are six CSOTs in the country currently, while more are expected to be launched soon. The value of the trusts in the form of shares in mining companies is in excess of $1bn.
In addition, more than $110m has either been pledged or paid out to community share trusts by mining companies as seed capital for initial community projects.
Meanwhile, Zimbabwean Mines Minister Obert Mpofu on Wednesday afternoon announced his ministry’s plans to review royalties on platinum, with the least processed grade attracting stiffer charges.
The minister said semi-processed ore will attract more charges than refined ore, adding that the move is meant to force platinum producers to start processing the mineral locally.
The country charges 10% royalty on platinum. This is the highest among regional countries, excluding South Africa. Angola charges 5% on diamonds and 5% on platinum.
“We have become a source of cheap raw material and we need to improve on the value of our minerals - especially our precious minerals - and that should stop,” he told journalists after his first meeting with the newly-appointed Minerals Marketing Corporation of Zimbabwe (MMCZ) board.
Addressing the new MMCZ board, Mpofu said the board is tasked with leading value addition initiatives for all minerals.
“As for diamonds and other precious minerals, we want you to lead the process of value addition; MMCZ should take a lead and others can follow. That is your mandate,” he said.
“We can’t continue selling our minerals for nothing.
"I mean, there is a shortage of diamonds in the world right now and the price is supposed to be very high but because of certain challenges that our diamond sector is facing because of sanctions, people are actually getting our diamonds for next to nothing because they are discounted.”
- Fin24
