Mine royalties to bankroll Zim wealth fund
Fin24

Mine royalties to bankroll Zim wealth fund

2014-01-13 22:36

Harare - A proposed sovereign wealth fund in Zimbabwe will be bankrolled by as much as a quarter of royalties and special dividends earned on minerals such as diamonds, gold and platinum, according to a draft bill seen on Monday.

Finance Minister Patrick Chinamasa said in October Harare planned a sovereign wealth fund law by February but hinted at the time the government might not have any money at first due to the need to overhaul crumbling infrastructure.

But a sovereign wealth fund of Zimbabwe bill seen by Reuters on Monday said a "portion, not exceeding a quarter of royalties" from seven minerals, including gold, platinum and diamonds, would be paid into the fund.

It would also benefit from "a portion, not exceeding one quarter of the 'special dividend' on the sale of diamonds, coal-bed methane gas, granite and other extractable minerals" by the state-owned Minerals Mining Corporation of Zimbabwe.

Zimbabwe has said it wants a fund to buy shares in foreign-owned companies, including mines, under President Robert Mugabe's controversial black economic empowerment programme.

However, there were no provisions for this in the bill.

The bill is guaranteed to pass the two chambers of parliament where Mugabe's Zanu-PF party enjoys a commanding majority after a landslide victory in presidential and parliamentary elections held last July.

Mugabe is set to be the trustee and patron of the fund, whose board will be appointed by the finance minister.

Comments
  • Selby Sello Rasoesoe - 2014-01-13 22:58

    Maybe it will help their non existent finances

  • Paul Ryan - 2014-01-13 23:07

    Hmm, i wonder whos going to get their hands on all this money.

  • Danie Baard - 2014-01-13 23:14

    How many beneficiaries in this fund? 20? Same 20 fat thieves?

  • Shayne Welman - 2014-01-13 23:41

    WAHAHAHAHAHAHAHA

  • Walter Oldnal Latham - 2014-01-14 05:44

    Patron and trustee..... you know what that means?!!! What a laugh! Once all the foreign mining companies have left the country, what are the gooks going to do then?

  • Udzai Munhumumwe - 2014-01-14 05:47

    How much is in South Africa's Wealth Fund?

  • Longile Bongani - 2014-01-14 06:15

    In other words this will be a Mugabe Wealth Fund, with the man himself as trustee! Just as we suspected. Here we go fatboy Malema, here is another excellent lesson you can learn from your hero Robet on how to steal mines, land and banks!

  • Sipho Siph - 2014-01-14 07:12

    Robert brainless Mugabe, you need a pill, lead pill! People are suffering in Zimbabwe, and you give a damn, shame on you. How does it feel to destroy a country single handedly?? IDIOT

  • Victor Sejouse - 2014-01-14 08:16

    bobs personal bank account

  • Willy Nilly - 2014-01-14 08:19

    What has Patrick been smoking ,the wealth of Zimbabwe belongs to the top Hyena and his pack

  • Jurgen Eksteen - 2014-01-14 10:07

    So it forms part of his estate then and can be inherited once he goes to hell. I want tickets to that fight!!

      Jurgen Eksteen - 2014-01-14 10:26

      He is the trustee and patron of the fund, so it will form part of his estate, no?

  • vernon - 2014-01-14 10:09

    I did not know there was anything left for Mugarbage to steal.Just shows where there is a crooked will, there is a way.

  • Francois De Villiers - 2014-01-14 10:46

    Not even the Zimbabwean government has enough faith to invest in Zimbabwe.

  • Frans van Tubbergh - 2014-01-14 17:59

    More money in to Mugabe and his cronies back pockets - What a shame

  • pages:
  • 1