Govt approves gold, coal bed-methane production joint ventures
The Zimbabwean government last week approved two new mining agreements with two companies targeting gold and coal bed-methane production.
Information, Publicity and Broadcasting Services Minister, Monica Mutsvangwa said the gold mining project involved Bravura Zimbabwe while the coal bed-methane venture is with an Australian company called Jacqueline Resources (Pvt).
Both projects are expected to aid government ambitious agenda towards attainment of a US$12 billion mining industry by 2023.
“The Bravura agreement will see the State granting a concession in the Fort Rixon area to Bravura,” Mutsvangwa said.
Bravura, which is expected to carry out exploration, exploitation and processing of gold and allied minerals, is expected to have an 80 percent stake in the venture and government 20.
“An operating committee will also be set up for the development and exploitation programme, whose composition shall be defined in the Operating Agreement,” the minister said.
Regarding the coal bed methane project with Jacqueline Resources, the two parties are expected to sign a memorandum of understanding covering among others profit sharing, appointment of key project personnel; and ownership of the project intellectual property rights.
“The joint venture project and production licence shall run for 20 years with an option for renewal upon expiry of the period,” Mutsvangwa said.
“A management committee comprising equal representation from both parties shall be established to oversee the finalization of the Exploration programme, the grant of title in respect of the project area, and the negotiation and execution of the joint venture agreement.”