Published: 28 January 2014

Zimbabwe will enforce the "use-it-or-lose-it" principle with respect to mining companies' land, according to a copy of the Finance Bill 2014 obtained by Bloomberg News.

Any unworked land will be transferred to the state after three years.

"This will offer new entrants the opportunity to access unutilized claims," the bill states.

Zimbabwe, with reserves of platinum, chrome, coal, iron ore and gold, is seeking to keep more mining revenue inside the country.

Investors have already seen their holdings reduced by a law compelling foreign and white-owned companies to sell or cede half of their local assets to black Zimbabweans or the state.

The Finance Bill will be debated in parliament next month and, if passed, will result in amendments to the Mines and Minerals Act.

Mines Minister Walter Chidakwa, appointed in September after President Robert Mugabe won elections in July, said in November that he planned a law that could force companies to use exploration concessions or face losing them.
- Bloomberg

You might also want to read this

• Mnangagwa to launch ambitious US$$12bn mining roadmap next week
• Zimbabwe mining industry lags behind in technolo
• Zimbabwe mining industry set to generate US$3bn
• Mining sector to meet Chitando over forex allocation
• 2018 mining output up
• Bilboes seeks to expand operations
• 12 mining firms granted prospecting orders
• Mining companies exempted from paying wage increment
• Blythdale Mining sues supplier for $26,000
• Zimbabwe to roll out Command Mining