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Main features of the amended law include reviewing the mining titles, administration system and reforming the Mines Affairs Board.
The amendments also seek to engender security of tenure and effective environmental management best practices.
Mining is strategic to Zimbabwe as it presently accounts for more than 50 percent of exports and is a major source of Foreign Direct Investment.
Amending the legislation would ensure loose ends on the existing Act are tied, spurring further growth in the sector.
Minister Mpofu said after approval by the cabinet committee, the amendments would then be tabled before Parliament.
“The amendments are ready to go to Parliament. We are just waiting for the approval of the cabinet committee on legislation,” he said.
Minister Mpofu said amending the piece of legislation would “transform” the entire mining sector in the country.
“The state of the mining sector will definitely improve because the law we have been using is a very old piece and has many loopholes that prejudice this country.”
He said once approved by Parliament the amended legislation would also ensure enforcement of the “use it or lose it” policy to curtail speculative holding of claims by mining companies.
It will also make it expensive to hold undeveloped claims.
The mining sector has been largely weighed down by skewed policies that have hindered growth of smaller miners and beneficiation by local communities.
The sector which grew by 25,8 percent this year is projected to grow by 15,9 percent next year.
Further growth underpinned by firming international commodity prices and private capital injections is expected to anchor the country’s economic recovery efforts. — New Ziana.
Online Reporter