Mines Amendment Bill aims to plug externalisation

THE Mines and Minerals Amendment Bill will put in place measures to stop externalising money through a clause which stipulates that mining title holders must bank in Zimbabwe, an official has said.

Mines ministry deputy legal adviser Thammary Viriri told stakeholders during a public hearing on the Mines and Minerals Amendment Bill in Harare at the weekend that government had seen it fit to curb capital flight after noting that many mines had bank accounts outside the country.

Section 59 of the Mines and Minerals Amendment Bill states that every holder of a mining right should conduct his or her financial transactions related to mining at financial institutions registered in Zimbabwe.

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