president speaks.jpgHead of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces President Robert Mugabe says the Indigenous and Empowerment Act calls for people with experience, passion and commitment with long term vision to promote sustainable growth in mining sector and will not accommodate those with the attitude of getting rich overnight.

 

As the government embarks on broader process of the indigenisation and economic empowerment, President Robert Mugabe says the implementation of the empowerment initiative requires attracting new investors, particularly foreign direct investment, facilitating working capital and long term capital for exploration and mining development.

 

  

Cde Mugabe was however quick to remind people wishing to venture into mining that the twin objective of the Indigenisation and Empowerment Act will be implemented in a well designed manner and will not accommodate opportunist with the attitude of getting rich overnight.

 

“Those with the ‘i want to get rich soon’ attitude  should come to the realisation that mining calls for long term vision, thus mining is not like opening  a shop to sell fish, but requires huge investment and experience and passion, hence the need for a win-win partnership,” said Cde Mugabe.

 

“What the government has managed to do is to arrest inflation, provide political stability that is conducive for investment,” added the President.

 

The President noted that the whole idea of the Act is to correct historical wrongs and avoid situations whereby some investors such as the Anglo-America were just looting precious stones without ploughing back to local communities. 

 

Cde Mugabe who was addressing the 71st Annual General meeting of the Chamber of Mines in Victoria Falls, revealed that the finalisation of the Mines and Minerals Act is progressing and the new amendments are designed to improve the administration and management of minerals, thereby discouraging speculative holding of mineral rights by non-users.

 

Hence genuine investors with the development plans have no reason to be concerned with implementation of the Empowerment Act.