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Government is planning to transform the Minerals Marketing Corporation of Zimbabwe into the Minerals Marketing and Exploration Corporation, which will be responsible for selling all the country’s minerals and for the exploration of new deposits in the country

Golden Sibanda : Senior Business Reporter

THE Minerals Marketing and Exploration Corporation Bill, which is set to become law, will give the Government authority to probe irregularities in mineral exports including before the new law came into force. Already there is deep seated suspicion that Zimbabwe is losing millions of dollar through under declaring the amount and value of minerals.Through the Bill, Government will set up the Minerals Marketing and Exploration Corporation, which will be responsible for selling all the country’s minerals and for the exploration of new deposits in the country.

Any person wishing to sell minerals in or outside Zimbabwe, shall first advise the corporation on the quantity, type, grade or location of the mineral, details of the sell, terms and conditions of the sale and proposed arrangement in terms of the contract for the sale or export.

Subject to the legislation when it becomes an Act of Parliament, no person other than the corporation shall sell any mineral, either inside or outside Zimbabwe, except through the corporation; or in terms of a contract negotiated by the Corporation on behalf of the seller.

No one shall also be allowed to “sell minerals in or outside Zimbabwe except when authorised by the corporation and in accordance with the terms and conditions of such authority has been given by the corporation”, reads excerpts from the law being enacted.

Further, no-one will be allowed to export minerals from Zimbabwe except in terms of a contract approved by the corporation or except when authorised to do so by the corporation in terms of section 32 of the Act and in accordance with the terms and conditions of such authority.

Anyone who sells or exports mineral in contravention of the new legislation “shall be guilty of an offence liable to a fine not exceeding level fourteen or double the value of the mineral in Zimbabwe.”

This will be as at the date of export or sale or double the price at which the mineral was sold, whichever is greater, or imprisonment for a period not exceeding one year or both such fine and a jail term.

In an interview on his 92nd birthday President Mugabe said the country was prejudiced an estimated $15 billion worth of diamonds from Chiadzwa diamond fields could have been smuggled out of the country.

Government has warned a forensic audit of the companies that operated in Chiadzwa, is underway and any company implicated in the findings of the audit will be required to account for any value lost.

In this regard, the Minerals Marketing and Exploration Corporation Act, which the Government is still working on, will enhance transparency and accountability in the exploitation of Zimbabwe’s minerals. The bill for the legislation show that the Minerals Marketing and Exploration Corporation, to be set up in terms of the new Act, will have authority to probe suspected irregularities in the manner in which minerals are exported, including before the law became at Act.

The new law, to set up the sole authorised entity responsible for export and receipt of proceeds from the country’s mineral exports, will require individuals or mining companies guilty of prejudicing the country of potential mineral revenue to restitute double the value.

The marketing corporation shall not in terms of section 32 negotiate or authorise any contract for the sale of any mineral unless the contract permits the corporation, on due notice to the parties thereto to take custody or control of the minerals concerned and to arrange all matters relating to delivery of the minerals to the purchaser.

The new Act will also require the seller of the mineral concerned to surrender custody or control of the mineral concerned to the corporation or to any person who may be nominated by the corporation.