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Government may confiscate unused mining licences from companies and liberalise gold trading as ways to boost output.
Large mines are “sitting on lots of unused claims” the southern African country’s Chamber of Mines said in a document outlining initiatives of the proposed Command Mining programme. Revisiting the Gold Trade Act “to allow for the ease of handling and transportation of gold to buying centres” and speeding up mine registration are among other recommendations.
Zimbabwe is looking for ways to boost output growth to almost 10 percent next year, mainly through agriculture and manufacturing, and by giving more people access to banking services. A $40 million central bank fund will buy machinery for small-scale miners, while banks will be encouraged to accept gold-sale records and geological survey reports as collateral under Command Mining, the document showed. Gold producers in Zimbabwe include RioZim Ltd., Metallon Inc. and Caledonia Mining Corp. Zimbabwe also mines chrome, coal, diamonds and nickel, among other minerals. — Bloomberg.
Peter Tanyanyiwa
Online Reporter