Zimbabwe will drop local listing requirement from mining bill: Sibusiso Moyo

Zim miningZimbabwe is taking a number of initiatives to develop its mining sector. (Image source: jbdodane/Flickr)The mining companies in Zimbabwe need not to list on the local stock exchange, according to Sibusiso Moyo, foreign and international trade minister of Zimbabwe

This is contrary to the government’s plan in the early this month that mining companies operating in the country need to list most of their shares on the local exchange, in an attempt to fix the local economy and mineral resources of the southern African nation.

However, as reported by Reuters, the industry stakeholders and commerce ministers had raised concerns that the idea for the listing of the mining companies might not be liquid enough to raise capital.

Moyo further added that the country is taking steps to clearing all its debt obligations, about US$1.8bn, with the World Bank, African Development Bank (AfDB) and other financial establishments, according to the source.

Zimbabwe paid back its 15 years of arrears to the International Monetary Fund (IMF) in 2016.

The country aims to renew its membership of the Commonwealth, which the southern African nation left in 2003. The proposed re-entry to the Commonwealth is seen to boost Zimbabwe’s ambitious goal to boost trade relations among the member countries, thus accelerating its developmental agenda.

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