Business / Companies
Zim govt finalises repossession of platinum reserves
01 Mar 2013 at 17:44hrs | Views
Government has finalised the repossession of the 28 000 hectares of ZIMPLATS reserves following the gazetting of General Notice 123 of 2013 giving effect to the compulsory acquisition of the platinum reserves.
The extraordinary government gazette puts the issue of the repossession of ZIMPLATS land by government to rest while opening opportunities to potential investors.
According to the General Notice 123 of 2013, in terms of Section 398(1) of the Mines and Minerals Act chapter (21:05) the President intends to acquire compulsorily part of the land held by ZIMPLATS Holdings Limited under Special Mining Lease Number One for the utilisation of such mining location for the benefit of the public.
According to the General Notice, in terms of Section 5 of the Land Acquisition Act 20.10, any person having an interest or right who wishes to contest the acquisition should lodge a written objection with the acquiring authority within 30 days of publication.
The notice further states that, any person who wishes to claim compensation in terms of Part V of the Land Acquisition Act should submit a claim in terms of Section 22 with the Minister of Mines and Mining Development.
The 28 000 hectares repossessed by government will be opened to new investors who are willing to exploit platinum in future.
The move is also part of the government's 'use it or lose it' concept which seeks to curb speculative tendencies among investors.
The extraordinary government gazette puts the issue of the repossession of ZIMPLATS land by government to rest while opening opportunities to potential investors.
According to the General Notice 123 of 2013, in terms of Section 398(1) of the Mines and Minerals Act chapter (21:05) the President intends to acquire compulsorily part of the land held by ZIMPLATS Holdings Limited under Special Mining Lease Number One for the utilisation of such mining location for the benefit of the public.
According to the General Notice, in terms of Section 5 of the Land Acquisition Act 20.10, any person having an interest or right who wishes to contest the acquisition should lodge a written objection with the acquiring authority within 30 days of publication.
The notice further states that, any person who wishes to claim compensation in terms of Part V of the Land Acquisition Act should submit a claim in terms of Section 22 with the Minister of Mines and Mining Development.
The 28 000 hectares repossessed by government will be opened to new investors who are willing to exploit platinum in future.
The move is also part of the government's 'use it or lose it' concept which seeks to curb speculative tendencies among investors.
Source - zbc
