Foreign owned companies in the mining sector, that failed to submit their indigenisation proposals, have been handed a lifeline after Government extended the compliance date to the 30th of September.
The companies were initially given the 25th of September as the last day to submit their indigenisation proposals but the government has extended the deadline by five days.
National Indigenisation and Economic Empowerment Board (NIEEB) Chief Executive Officer, Mr Wilson Gwatiringa said the mining sector has been given till month end to submit their proposals, adding that an indigenisation compliance directorate has been established to ensure total compliance.
“The function of the compliance directorate is to investigate, audit and where necessary recommend appropriate measures to enforce compliance with the indigenisation and empowerment legislation,” said Mr Gwatiringa.
NIEEB will conduct a wide scale compliance audit across all sectors as required by Section 3 of the Indigenisation and Economic Empowerment Act.
Mining is the only sector that has an agreed implementation strategy that went through Parliament and the government.