Chronicle EditorBusiness Reporter
LACK of funding has delayed the establishment of a State mineral exploration company, three years since the idea was mooted. Finance Minister Patrick Chinamasa recently said the Government requires between $5 million and $10 million to establish the long overdue Mining Promotion Corporation. However, little progress has been made towards operationalising the company.
Establishing the MPC is critical as it will enable Government to gather geological data on various minerals as well as help to discover new deposits.
Secretary for Mines and Mining Development Professor Francis Gudyanga said they had received about $1,5 million from Treasury thus far.
“As you know the board of the mining promotion corporation has been established and this will spearhead the exploration. We have $1,5 million that was provided by Treasury but we have applied for $5 million to do extensive exploration of the whole the country.”
Online Reporter