sharing in governance of extractive industries
HARARE — All foreign-owned mining companies in Zimbabwe must sell majority stakes to locals within six months, under new rules released Monday that clouded the nation's drive for foreign investment.
The new rules marked the latest attempt by long-ruling President Robert Mugabe to squeeze cash out of the mining industry, after last month hiking exploration fees by 2,000 percent to one million dollars.
The controversial Indigenisation and Economic Empowerment Act issued…Continue
(IDEX Online News) - In a reaction to Kimberley Process (KP) Chairman Mathieu Yamba’s statement allowing the export of rough diamonds from Zimbabwe’s Marange fields, the World Diamond Council (WDC) issued a statement asking members of the international diamond community to refrain from trading in a nd exporting goods from the region until the situation and the status of these goods becomes clearer.
Added by GOXI on March 25, 2011 at 15:41 — No Comments
JOHANNESBURG – Mining companies say they accept the thrust of new US Securities and Exchange (SEC) regulations that will require them to disclose payments to foreign governments.
Executives speaking at the Reuters Mining and Steel Summit said enhanced transparency could help clean up the image of an industry with a shabby reputation.
"The greater the transparency the better it is for our company, the better it is for our industry, and so we're very supportive of…Continue
Added by GOXI on March 25, 2011 at 15:39 — No Comments
By James Grubel
CANBERRA, March 24 (Reuters) - Australia's booming mining companies have won a major concession over a plan to tax their profits, potentially saving them hundreds of millions of dollars and helping cool industry opposition to the tax.
In a widely expected decision, Treasurer Wayne Swan said on Thursday the national government would repay current royalties the miners pay to state governments, and refund any future…Continue
Added by GOXI on March 25, 2011 at 15:00 — No Comments
There were surprise fireworks at the recent Extractive Industry Transparency Initiative (EITI) 5th Global Conference in Paris—fireworks that could have far-reaching implications for the movement to root out corruption associated with huge oil, gas and mining contracts. The EITI, you may recall, is a coalition of governments, companies, civil society groups, investors, and international organizations that supports improved governance in resource-rich countries…Continue
Added by GOXI on March 11, 2011 at 9:46 — No Comments
By Alfonce Mbizwo
HARARE (Reuters) - Zimbabwe will effectively nationalise half of the country's key resources sector by setting up a sovereign wealth fund to own 51 percent stakes of mining companies, a government minister said on Wednesday.Saviour Kasukuwere, minister of youth empowerment and indigenisation, said the government in the resource-rich country would… Continue
Added by GOXI on March 11, 2011 at 9:41 — No Comments
By Sean Mattson and Euan Rocha
PANAMA CITY/TORONTO, March 3 (Reuters) - Panamanian President Ricardo Martinelli on Thursday asked lawmakers to repeal a recent law that allows foreign government investment in mines within the Central American country.
The law, passed less than a month ago, is crucial to Canada's Inmet Mining , as the company plans to partner with state-owned firms such as Korea Resources Corp in a bid to finance and…Continue
Added by GOXI on March 7, 2011 at 7:26 — No Comments
By Geoff Candy
If legislation designed to stop the trafficking of "conflict gold" among other metals from the Democratic Republic of Congo is implemented in its current form, it is going to be "Pretty problematic" for the gold industry at large, says World Gold Council CEO, Aram Shishmanian.
The legislation, a section, of the greater Dodd-Frank Wall Street reform legislation, is aimed at preventing gold or other minerals from DRC being misused to fund…Continue
Added by GOXI on March 4, 2011 at 16:06 — No Comments
The full survey is attached. With South Africa precipitous drop and the DRC's stickiness at the bottom, Barry Sargeant asks whether Africa can be a place for new mining business.
Added by GOXI on March 4, 2011 at 15:30 — No Comments
Section 1504 (also known as Cardin-Lugar provision) of the Dodd-Frank Act requires the U.S. Securities and Exchange Commission (SEC) to devise rules requiring companies to disclose their payments to governments for the commercial development of oil, gas and mineral resources. Below is a link to the public submission of comments to the SEC:
Added by GOXI on March 4, 2011 at 14:00 — No Comments
Some members of the Minority side of Parliament have planned to abort a possible passage of the Petroleum Revenue Management Bill as it goes to the house for a third reading on Wednesday March 2.
The MPs are expected to file a suit at the Supreme Court to hamper the passage.
The suit is being spearheaded by four MPs, made up of Dominic Nitiwul, (Bimbila), Dr. Matthew Opoku Prempeh, (Manhyia), Gifty Eugenia Kusi, (Tarkwa-Nsuaem) and Kwabena Otchere Darko-Mensah…
Added by GOXI on March 2, 2011 at 16:55 — No Comments