Unexploited mining claims may be commandeered by the Zimbabwe Government as part of an effort to continue its indigenisation drive, Mining Weekly reports.

According to Mines and Mining Development Minister Amos Midzi, the Government is concerned that companies might be holding onto unexploited claims in the hope that they might be more valuable in the future.

He warned that companies would have to either develop their claims or lose them to indigenous entrepreneurs willing to take more immediate action.

"Many foreign-owned companies are sitting on vast claims which they are using for speculative purposes," Mr Midzi commented.

"The prices of most base metals, as well as precious metals such as gold and platinum, which are abundant in this country, are going up on the international market and that creates a rich ground for speculation. Our resources must be put to good use."

However, there is also a chance that companies will be forced to hand over their claims to other foreign investors based in countries including Russia and China.

"We have been engaging investors from these countries who are keen to invest in the mining sector. We are still considering their offers and proposals, but we are really keen to do business with them," Mr Midzi said.

Any change in policy will only be adopted after the Government is able to reconvene and debate the draft Mines and Minerals Amendment Bill.



Source:

Zimbabwe Government threatens to seize, redistribute unexploited mining claims (13/06/08)
http://www.miningweekly.com/article.php?a_id=135077