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Freeman Razemba Senior Reporter

Zimbabwe, Zambia and South Africa yesterday signed a communique on the revitalisation of the Pan African Minerals Development Company (PAMDC).

The communique was signed by Transport and Infrastructural Development Minister Felix Mhona, Zambia Minister of Transport and Logistics Frank Tayali and South Africa Minister of Mineral Resources and Energy Samson Gwede Mantashe.

Speaking at the signing ceremony, Minister Mhona said, “I am delighted that today, we have taken the business of PAMDC seriously by committing ourselves to a communique which seeks to cure the challenges that the company was facing. This meeting is thus a reaffirmation of a higher-level commitment to the implementation of the PAMDC MoU.

“Due to the failure to convene the PAMDC Annual Council of Ministers in the past, review of progress has been hindered, thus, resulting in the retrogressive expiration of previously granted mineral rights without exploration. The communique we have signed today should be the spring board of our actions going forward.

” It is prudent that we resume our annual meetings to give direction and impetus to the PAMDC Board, so that the recently granted mineral rights in Northern Cape Province do not lapse before exploration,” he said.

He said it was not a secret that PAMDC requires an extensive turnaround strategy and business viability plan. “As it stands, the company is insolvent and runs a risk of imminent liquidation, due to trading under insolvency, which is considered reckless according to the company laws of South Africa.

“Surely, none of our governments are reckless, thus, this special vehicle called PAMDC should reflect the core values of our governments by upholding the laws relevant to the company,” he said.

Minister Mhona said as a Council of Ministers, they have put their heads together to ensure that PAMDC becomes solvent again and safeguard interests of their countries.

“Going forward, we should, as the Council of Ministers, spearhead resolutions that will embolden the PAMDC Board and management to formulate and execute viable business strategies for the company to declare dividends for the benefit of the three countries and their peoples.

“Honourable Ministers;

It is also my humble appeal that we ensure the review of progress implementation through annual and special Council of Ministers Meetings as the need arises. We look forward to full constitution of the Board of Directors of PAMDC, so that they hit the ground running, with the view that they report to the Senior Officials Meeting (SOM) which will subsequently report to us as Council of Ministers,” he said.

Minister Mhona added, “On the Zimbabwean side, I have personally engaged His Excellency, the President of the Republic of Zimbabwe, Cde. Dr. E. D. Mnangagwa who has advised that we engage with my Zambian and South African counterparts. Now that the engagement has come true, we must use this opportunity to craft a brilliant policy direction to the PAMDC Board and nurture an enabling environment for the Board to do its work.

” I have no doubt that if we move as one, we will achieve the intended goals of PAMDC. I will be grateful that as we go back to our offices, we move with speed to implement what we agreed on today.”