Ministry of Mines clears the us$100 million investment misconception
A Ministry of Mines and Mining development official yesterday cleared the misconception surrounding the us$100 million investment requirement that has been a hot topic in the Mines and Minerals amendment bill HB 10 2022.
Speaking at the Edmunds Davis Hall where over a hundred stakeholders had converged to submit their views on the ongoing Public Consultations by the Mines and Mining Development Portfolio Committee a Ministry of Mines official clarified the misconception after a number of miners had said they wanted a percentage share on the us$100million dollars which they misinterpreted as funds that will be directly deposited into government coffers.
An attendee suggested that a law must be passed that when an investor “pays” the hundred million the affected miner should be awarded 10% of that total amount.
“There must be a law that when the investor pays us$100 million, I, as the affected land owner must get 10% of that amount. He further suggested 40 per cent should be allocated to the affected community,” he said igniting excitement from the community.
A Deputy Legal Advisor with the Mines and Mining Development Ministry Mr Lishon Muvengeranwa then corrected the misconception clarifying that the government was not being paid the said amount in cash but rather the amount was a requirement for a company to be granted a license to mine.
“The hundred million is not money being paid to the government but rather an amount required as an investment by the miner to be granted licenses to mine Strategic Minerals in Zimbabwe, he said.
The Hwange community came in their numbers to add their voices to the new Mines and Minerals Bill which if passed will be enacted into law.
The most outstanding contribution from the community was the need to pass a law that makes it mandatory for a community to get a share of the total production on a monthly basis.
It was resoundingly agreed that investors were abusing the non-binding regulation that required they engage in Corporate Social Responsibility (CSR).
Some were reported to be buying exercise books for local schools, or cabbages for funerals which they would declare as CSR.
The Community like all requested at this year’s Public hearings conducted by the Edmond Mkaratigwa-led Portfolio Committee on Mines and Mining Development requested a law be added to the bill that communities get a fixed share from investors mining in their communities in order to benefit from their resources as currently, no binding legislation required them to do so.