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the comnpany failed to submit an acceptable indigenisation plan.
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere yesterday held a meeting with the mining company representatives led by Canadian-based chief executive and president Mr Stefan Hayden at his offices.
The meeting resulted in the two issuing a joint Press statement in which the Government agreed to lift the suspension while the mining company was asked to submit a revised plan.
“The parties met on August 22 2011 and agreed on a process that will result in the production of a revised indigenisation implementation plan for Blanket Mine that is compliant with the Indigenisation and Economic Empowerment Act. The plan will take into account the independently verified intrinsic value of the mineral resources, plant and equipment at the mine,” read the agreement.
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“As a result Minister Saviour Kasukuwere has agreed to suspend the cancellation of Blanket Mine’s operating licence pending the submission of a compliant indigenisation implementation plan.”
Addressing journalists yesterday, Minister Kasuku-were said the discussions yielded an amicable resolution that will result into a win-win situation.
He said their initial submission entailed credits to the community that they wanted to be regarded as part of the compliance plan, a situation which was not acceptable.
“We told them that in terms of the law we will not take credits as part of compliance. We want plans that take into account our sovereign right to the mineral deposits,” he said.
The minister said all firms were free to engage his ministry for a discussion that would yield a mutually beneficial arrangement.
The underlying principle, said Minister Kasukuwere, was to look at issues from a business point of view at the same time appreciating that mineral deposits are owned by Zimbabweans who ought to have a stake in their resources.
“The position of the ministry is not that of grabbing and running away with the mines, you are welcome as an investor to come to Zimbabwe,” he said.
Mr Hayden said his meeting with the minister had been an eye-opener as there has been a lot of misconception about the indigenisation drive.
“We have managed to create an understanding, I feel Zimbabwe is a destination for investment,” said Mr Hayden.
Caledonia is a Canadian company listed on the Toronto, New York and London stock exchanges with the portfolio of exploration, development and mining assets in Zambia, Zimbabwe and South Africa.
Online Reporter
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