HARARE,– Zimbabwe’s capital markets regulator is pushing to have all miners operating in the country list on the local bourse to improve transparency and accountability in the extractive sector.
Mining generates half of Zimbabwe’s export earnings and contributes about 17 percent of GDP but the sector largely remains shrouded in secrecy, with little or no disclosures being made on revenue and production.
Zimbabwe hosts operations of some of the world’s biggest mining corporations such as Implats, Aquarius, Metallon but none of them are listed locally.
The Zimbabwe Stock Exchange’s mining index only has four counters – RioZim, Hwange Colliery, Falgold and Bindura Nickel Corporation – compared to 57 on the Industrial index.
Securities and Exchange Commission of Zimbabwe (SECZ) head of corporate finance, Kundai Msemburi told The Source that they had made proposals to the finance ministry to compel mining houses to list locally.
“In our submissions to government we are saying let’s shed light on these mining companies and one way of doing that is listing locally because it compels enhanced disclosure as these companies will comply in terms of corporate governance, community development and all other social responsibilities,” he said.
“Allow the stock exchange to be the conduit through which you indigenize all these companies in a transparent manner.”
In February this year government shut down miners operating in the country’s Chiadzwa diamond fields after they had resisted proposals to consolidate all the companies into one entity in which the government would have 50 percent shareholding.
Government has strongly argued that consolidation of the diamond mines would improve transparency in the sector after accusing the mines of failing to account for revenue and contribute meaningfully to the fiscus.
In the five years of mining since 2010 Mines Minister Walter Chidhakwa earlier this year said government had only received $637, 3 million in revenue from the miners. – Source
THE rand was firmer against the dollar on Monday afternoon after the greenback weakened, as investors expected no interest-rate increase by the US Federal Reserve before the US presidential election.
THE Zimbabwe Stock Exchange (ZSE) on Tuesday summoned mobile network operator Econet Wireless Zimbabwe over contentious issues in its US$130 million rights offer after the country’s capital markets regulator, the ...
JOHANNESBURG - President Jacob Zuma has reversed his disastrous decision to appoint little-known MP David van Rooyen as finance minister, bringing Pravin Gordhan back to steady the ship.
After the announcement ...
Depeche Mode are back, releasing their 14th studio album which the British synth-pop musicians describe as “bleak”. The Syrian conflict and rise of nationalism in Europe are cited by the band as inspiration for their […]
After a long wait, Drake’s next project, “More Life,” is finally releasing on Saturday. Originally believed to be an Apple Music exclusive, it’s now looking like the playlist will also be available on other streaming […]
Rick Ross released his new album “Rather You Than Me” Thursday and took some shots at Birdman and Nicki Minaj. In the song, “Idols Become Rivals,” the MMG star dissed rapper Birdman for not paying his artists […]