They'll start working the concessions when Mugabe leaves....
Zimbabwe withdraws 340 EPO's to stop "imposters"
Published Date: September 06, 2012
Source: miningne.ws
The Zimbabwean Government's recent withdrawal of over 340 Exclusive Prospecting Orders (EPOs) applications for several mining and prospecting companies could not have come at a better time to stop “impostors” holding on to the orders for speculative reasons.
The move by the Mining Affairs Board, a quasi-government unit responsible for the allocation of mining rights, to withdraw the EPO applications after the realisation that no prospecting had taken place represents a bid by government to deal effectively with speculative holding of mining rights in the capital-intensive sector.
EPOs are mining rights which are issued by mining companies to explore possible mineral deposits in different parts of the country. Among major mining companies whose orders were withdrawn were RioZim, Ashanti Goldfieds, African Gold and Metallon Gold Exploration.
There is no denying the potential that the country’s mineral sector has and its impact on the turnaround of the economy. But this will only happen if those holding claims start making use of them and not keeping them for no other reason, but to gather dust in their cupboards.
For years on end the government continues to argue that it has the potential to be one of the leading economic powerhouses on the continent, but that hasn’t happened.
We believe the revocation of the licences will send a strong signal to other companies that are yet to explore their claims that it’s time they acted knowing failure to do so will result in them losing their claims.
The sector, which is in recovery mode, contributes over 50% of export earnings at $1,8 billion, and employs over 45 000 people, excluding small-scale miners.
The contribution of mining to the gross domestic product, according to official figures, increased almost three-fold to over 11% from 4% in 1999. The mining sector is expected to grow by 16,7% in 2012, driven by strong growth in gold, platinum, nickel, coal and chrome output.
Indications by Nadia Piffaretti, the World Bank senior country economist for Zimbabwe, are that the sector could create more than 30 000 jobs and attract $15 billion worth of investment by the year 2018, driven by a projected growth in gold, coal and chrome output.
Given the above scenario if all claims lying dormant could be made use of, Zimbabwe’s economy could place itself on a successful recovery path.
Zimbabwe has over 40 base minerals and the second largest platinum reserves in the world after South Africa.
According to Piffarett, the country, which recorded its first positive economic growth rate in 2009 after a decade-long economic contraction, failed to take advantage of a global boom in mining prices.
We believe it’s time the abundant resources are fully made use off for the full benefit of the nation.
The move by the Mining Affairs Board, a quasi-government unit responsible for the allocation of mining rights, to withdraw the EPO applications after the realisation that no prospecting had taken place represents a bid by government to deal effectively with speculative holding of mining rights in the capital-intensive sector.
EPOs are mining rights which are issued by mining companies to explore possible mineral deposits in different parts of the country. Among major mining companies whose orders were withdrawn were RioZim, Ashanti Goldfieds, African Gold and Metallon Gold Exploration.
There is no denying the potential that the country’s mineral sector has and its impact on the turnaround of the economy. But this will only happen if those holding claims start making use of them and not keeping them for no other reason, but to gather dust in their cupboards.
For years on end the government continues to argue that it has the potential to be one of the leading economic powerhouses on the continent, but that hasn’t happened.
We believe the revocation of the licences will send a strong signal to other companies that are yet to explore their claims that it’s time they acted knowing failure to do so will result in them losing their claims.
The sector, which is in recovery mode, contributes over 50% of export earnings at $1,8 billion, and employs over 45 000 people, excluding small-scale miners.
The contribution of mining to the gross domestic product, according to official figures, increased almost three-fold to over 11% from 4% in 1999. The mining sector is expected to grow by 16,7% in 2012, driven by strong growth in gold, platinum, nickel, coal and chrome output.
Indications by Nadia Piffaretti, the World Bank senior country economist for Zimbabwe, are that the sector could create more than 30 000 jobs and attract $15 billion worth of investment by the year 2018, driven by a projected growth in gold, coal and chrome output.
Given the above scenario if all claims lying dormant could be made use of, Zimbabwe’s economy could place itself on a successful recovery path.
Zimbabwe has over 40 base minerals and the second largest platinum reserves in the world after South Africa.
According to Piffarett, the country, which recorded its first positive economic growth rate in 2009 after a decade-long economic contraction, failed to take advantage of a global boom in mining prices.
We believe it’s time the abundant resources are fully made use off for the full benefit of the nation.
miningne.ws: Zimbabwe withdraws 340 EPO's to stop "imposters"
