August 20, 2017

Redtape costing Zimbabwean company $120, 000 loss in potential revenue

 Zimbabwe’s delay in processing the necessary paperwork (mining permits) for a mining company could be costing the government $120, 000 a day in potential gold revenue, according to the director of Townsend Enterprises, Chris Hakonya.

Since last December, Townsend Enterprises has made several futile requests to the mines ministry to undertake a process of separating gold from alluvial sand.

While working on a hydro-power extension programme in Lake Kariba, the company accidentally discovered gold and platinum deposits on the shores of Africa’s largest man-made water body, around the confluence of Gache Gache, as it flows into Lake Kariba.

The firm needs permission to sift the gold, as in 2014, the government banned alluvial mining on river beds, banks, wetlands and any land within 200 metres of naturally defined banks.

Information credits: adapted from Africa Report

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