According to Deputy Prime Minister Mutambara Zimbabwe may be able to leverage its natural resources to settle its debt and harness development. While addressing a seminar on “Debt, diamonds and development in Zimbabwe”, in Harare, Mutambara declared that if they enter into deals with foreign firms one “good” deal could compensate the country’s sovereign debt of US$9,1 billion.
Zimbabwe will revisit “bad” mining deals where they are supposed to be losing billions of dollars. Mutambara argued that foreign mining companies are not declaring the value of the unmined assets, which Mutambara declared was prejudicing the country. The same was argued for some diamond companies in the country.
Therefore DPM Mutambara has called for amendments to the Mines and Mining Development Act, the decriminalisation of informal miners and ratification of the new Diamond Act.
“We must review all existing mining contracts, align them with this new thinking and indigenisation and change or create necessary laws, Statutes and instruments,” Mutambara said.
The Herald Online