INVESTORS in the mining sector will soon be required to provide proof of funds for exploration before they are granted mining claims, Mines and Mining Development Minister Walter Chidhakwa said.
This comes after the realisation that some investors have not been conducting exploration on their concessions, but rather holding the blocks for speculation.
“If Government is to give mining concessions, the investor must first put exploration money. We are still working on how much can be deposited,” said Minister Chidhakwa.
“We don’t want anybody who comes and say I want a mining concession, especially the big concessions and you have not shown us the colour of your money. We want you to put money into an account and draw that money from your account for use in exploration.”
The minister highlighted that the Mineral Exploration and Marketing Corporation Bill to repeal the Minerals and Marketing Corporation of Zimbabwe Act would be finalised soon.
This will provide a legal framework to reshape, reconfigure and re-name the Minerals Marketing Corporation of Zimbabwe and create a new corporation – the Minerals Exploration and Marketing Corporation.
The new corporation will have two main objectives of mineral prospecting and exploration and mineral marketing. Minister Chidhakwa said this would provide for a competitive and an investment focused legislative framework.
Minister Chidhakwa said the birth of Mineral Exploration and Marketing Corporation of Zimbabwe would form a greater part of mineral resources into exploration.
He said the exploration approach would help diversification in the mining industry.
“We resolved to invest into mineral resources exploration in order to tap more investments. We have simply shifted our focus from marketing to exploration.”
“ Exploration will guide and determine mineral resources quantity and quality,” said Minister Chidhakwa.