Zimbabwe to launch mining stock exchange

A Zimbabwe Mining Stock Exchange is expected to be introduced in the third quarter of this year to ensure the country gets proper value of its resource commodities.

Concerned with alleged mineral revenue leakages in the economy, government through the Securities Commission of Zimbabwe (SCZ) is considering introducing a resource commodities market to ensure that all minerals are first sold on the local markets before being exported.

SCZ chairman Tafadzwa Chinamo confirmed that modalities towards the establishment of the proposed market are at an advanced stage.

He said, "We are working on the exchange and we hope it will be finalised in the oncoming weeks."

It is being anticipated that the listing of mining firms on the resources market will also solve liquidity challenges and enable local investors to increase returns.

Government, through the Minerals Marketing Corporation of Zimbabwe, is pushing for the securitisation of mineral resources by ensuring that the proposed exchange will reflect the real earnings and avoid the alleged evasion of royalties to government by some mining firms.