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Home >> Business
UPDATED: 08:26, May 23, 2006
Zimbabwe government urged to create investors friendly conditions
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Zimbabwe's Chamber of Mines on Monday urged the government to create an investor-friendly, legal and fiscal regime in the country to encourage investment and expansion of current operations and greenfield projects.

Addressing delegates at the recent Chamber of Mines annual general meeting (AGM), Chamber president Jack Murehwa said negotiations with the government over the proposed Mines and Minerals Amendments were still ongoing.

"The chamber wishes to build on the principle of increasing the size of the cake and not concentrating on the size of today's slices," he said.

Mines and Mining Development Ministry in March announced the government's intention to increase the state's shareholding in foreign mines to 50 percent with 25 percent being free-carry.

Murehwa urged the government to consider and appreciate the financial and technical risks that drive the mining industry.

Meanwhile, he said it was sad to note that total gold production for 2005 was much lower than that of 2004, especially on the part of small-scale miners.

The president said it was important for all stakeholders to work together to get this gold back into the mainstream and ensure that the previous sources be found and developed.

Murehwa said the safety record on the mines, though still marred by some fatalities, showed an improvement in 2005 compared with 2004, adding that there was a major emphasis on mines carrying out safety programs involving senior management.

He said in order to assist in resolving the economic challenges in the country, the Chamber of Mines had increased its participation in various multi-sectoral and multi stakeholder forums set up to resolve the situation.

Source: Xinhua

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