saviour kasukuwere 08.12.10.jpgGovernment has announced a 100% ownership of all alluvial diamonds in the country.

In a cabinet decision announced by the Minister of Youth Development, Indigenisation and Empowerment, Cde Saviour Kasukuwere, government will wholly own all alluvial diamonds in the country, while retaining a minimum 51% for other minerals including non-alluvial diamonds, which are found deeper in the ground.

Cde Kasukuwere further said it was realised that communities were not benefitting from the exploitation of natural resources in their areas, and cabinet has also resolved that communities shall be entitled to a 10% of gross profit realised and this will be done through a community share ownership scheme.

 

He said 13 sector committees were appointed in August this year to consider the approriate framework for each sector of the economy, and so far, cabinet has unanimously made recommendations for the mining sector.

He however, noted that as Youth Development, Indigenisation and Empowerment Minister, he is the one who makes announcements on all issues relating to indigenisation and empowerment.

“As the Minister of Youth Development, Indigenisation and Empowerment, I remain the sole mouthpiece of the government on issues to do with indigenisation is concerned,” Cde Kasukuwere said.

The Indigenisation and Economic Empowerment General Regulations, which were published in March this year, set out the implementation modalities of the Indigenisation and Economic Empowerment Act.

The regulations required among other things that all businesses with a minimum net asset value of US$500 000 should submit their plans for complying with the minimum 51% indigenisation requirement over a period of 5 years.

Cde Kasukuwere said so far, about 620 companies have made submissions and some have complied.