adminMesabe Ncube Business Reporter
GOVERNMENT is in the process of resuscitating the Zimbabwe Mining Revenue Transparency (ZMRT) as a way of improving accountability and transparency in the mining sector.Finance Minister Patrick Chinamasa said the unco-ordinated collection of mining revenue by various Government departments and local authorities’ compromised viability and presented accountability and transparency challenges indicate the need to review the mining fiscal regime. “Government will be resuscitating ZMRT initiative launched in 2011 to enhance accountability in the sector,” said Minister Chinamasa.
ZMRT consists of Government representatives, mining houses and other stakeholders.
Minister Chinamasa said apart from improving accountability and transparency, the initiative was expected to rebuild the mining sector as a core pillar of the country’s economy and social turnaround as well as ensuring that the country’s wealth and natural resources were developed and exploited for national benefit.
“Resuscitation of the ZMRT process will ensure attainment of a participative and multi-stakeholder process to promote dialogue and build trust,” he said. He added that it would also generate independent reconciled reports of revenues paid by mining houses to the Government.
Its third objective would be the creation of a platform for ongoing policy reforms for achieving good governance of the national mineral resource.
Among other efforts meant to bring transparency to the mining sector is the merging of seven diamond mines jointly owned with the Government through the Zimbabwe Mining Development Corporation (ZMDC).
Minister Chinamasa said a joint monitoring taskforce composed of technical staff from the Ministry of Finance and Economic Development, Mines and Mining Development and the Zimbabwe Revenue Authority (ZIMRA) was constituted. The Reserve Bank of Zimbabwe was also set to join.
He also said for the gold department, Gold Compliance and Enforcement taskforce unit had been set up to co-ordinate operations of all stakeholders.
“There is a need for resuscitation of various Government agencies overseeing operations of the mining sector for us to fully account for gold production and monitoring in the country,” said Minister Chinamasa.
Accordingly the unit would comprise Ministry of Mines and Mining Development, Ministry of Finance and Economic Development, RBZ, Zimbabwe Republic Police (ZRP), Environmental Management Agency (EMA), Fidelity Printers and Refiners, ZIMRA and rural district councils.
The mining sector has, however, maintained its dominant position as the pillar of the country’s economy.
Meanwhile, Minister Chinamasa has proposed a suspension of 15 percent export duty on raw platinum until the completion of platinum refining projects whose deadline was stretched to December 2016.
He said Government was playing its part in supporting private sector initiatives to further beneficiate raw materials.
“Zimplats alone is bringing forward US$200 million in early 2015 raised to support new investment in plant and machinery,” he said.
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