Zimbabwe and Zambia seek to unlock value from mining rights held by PAMDC
Zimbabwe, Zambia and South Africa have resolved to adopt urgent interventions to fully operationalise the Pan-African Mining Development Corporation (PAMDC) and manage it in the best interest of the three countries.
Through a tripartite arrangement, the governments of South Africa, Zambia and Zimbabwe agreed to form the Pan-African Mining Development Corporation, which was mandated to hold and exploit mineral rights which were bequeathed to Zambia and Zimbabwe by Cecil John Rhodes.
Recent governance challenges due to non-representation of South Africa on the PAMDC board as well as financial constraints as a result of non-contributions have threatened the operations of the entity.
“ERP now appeals to the honourable ministers to engage the counterpart in RSA to seek an immediate engagement that will not only preserve the objectives of PAMDC but also will ensure that all the parties play their part,” said Emerging Railways Properties (ERP) Manager, Logan Nyasulu.
The just-concluded ERP Council of Ministers meeting held in Livingstone, Zambia, saw renewed calls for urgent measures to address the governance issues and adoption of PAMDC turn-around strategy.
“While complexities of unlocking value from the vast mineral resources and interests in PAMDC are apparent, we should not lose sight of the cardinal work ethic which should be invested towards finding a lasting solution to the challenges highlighted here today,” noted Hon. Felix Mhona, Zimbabwe’s Transport and Infrastructural Development Minister.
According to a communique released at the end of the Council of Ministers Meeting, it was resolved that engagements should be made to persuade South Africa to meet its obligations under the tripartite arrangement.
Zimbabwe and Zambia have 66.7% shareholding in PAMDC held through ERP, while South Africa has 33.3% held through African Exploration Mining and Finance Corporation (AEMFC).
ZBCnews