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Monday, May 22, 2017

Zimbabwe: $80 Million Released for ZCDC Capitalization

Important paragraph of the article highlighted in RED. ~ Dinar Chronicles

$80m released for ZCDC capitalisation

May 22, 2017
Noel Munjanja

Minister Chinamasa

Conrad Mwanawashe recently in VICTORIA FALLS
Treasury has released $80 million to capitalise the Zimbabwe Consolidated Diamond Company as Government moves to ensure that the company plays its role in the diamond sector.

But Hwange Colliery and Makomo Resources were chided for not providing the authorities with their production figures for consolidation.

The Minister of Finance and Economic Development, Patrick Chinamasa said this while delivering a paper on: “Balancing Growth and Contribution to the fiscus — The New Fiscal Framework for the Mining Industry”, at the Chamber of Mines of Zimbabwe conference last Friday. “I came here to tell you that I’m very happy with the performance of the mining sector and the general economy. Gold has been performing well, platinum has done outstanding work. I know the prices have not been good but you have been making it up through increased production.

Ferrochrome has been marvellous, so are exports of chrome ore and nickel, so you deserve to be congratulated for this excellent work,” said Minister Chinamasa.

Minister Chinamasa said the Mining Industry performed well last year and expects a much better performance again this year.

But the Finance and Economic Development Minister took the opportunity to chide Hwange Colliery and Makomo Resources for not providing production figures. “There are two minerals which remain a disappointment, diamond and coal. We have capitalised the ZCDC to the tune of $80 million and there is new management and we are getting production figures every work. There’s a new arrangement with ZCDC that since we are now capitalising it, automatically the diamonds belong to the fiscus. “So every output will come to the fiscus through the Reserve Bank of Zimbabwe and we think that this will improve transparency and to ensure that we get maximum realisation of the proceeds of the diamonds,” he said.

“Hwange Colliery please give us your figures. Makomo Resources please give us your figures. “All the other sectors have cooperated. We want to produce a Mining Tax Regime which takes into account the viability of each mineral,” he said.

Minister Chinamasa called on the miners to come forward with ideas and proposals for fiscal incentives that may help ensure the sector increases its contribution to the fiscus.

On the five percent export incentive, Minister Chinamasa said the initiative would continue into the foreseeable future. Also, there will not be an immediate return to the Zimbabwean dollar but the multi-currency basket system will continue. “The export incentive that you are enjoying will continue into the foreseeable future in order to make you sweat your assets. The multi-currency regime will continue.

“There is no immediate return to the Zimbabwe dollar until the macro economic fundamentals are right, until we address the issues to do with fiscal and current account deficit together with the wage bill. Because of the measures that we took I’m beginning to see movement for the better on the current account deficit,” said Minister Chinamasa.

Source: The Herald



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