Business / Companies
Mimosa avails $1m to Share Ownership Trust
08 Sep 2013 at 06:41hrs | Views
Trust has received $1 million from Mimosa Mining Company as part of the $10 million seed money the mine is supposed to give to the Trust under the Indigenisation and Economic Empowerment Act.
Mimosa Mine has now availed $4 million to the Trust with the remainder expected to be availed soon.
President Mugabe launched the Zvishavane Community Ownership Trust in February this year.
The chairperson of the Zvishavane Community Share Ownership Trust, Chief Mapanzure, confirmed to Sunday News that the giant platinum mine had recently deposited into the Trust an additional $1 million in addition to the $3 million the mine had availed at the beginning of the year.
"I can confirm that the mine has given us $1 million which is part of the $10 million seed capital. The money was deposited into our account last month. So to date the mine has given us $4 million and we expect the other $6 million to be availed soon.
"We had a meeting with the mine management and they gave us an assurance that they would clear the balance soon and we are confident they will keep their word," he said.
Chief Mapanzure, however, expressed concern at the delay by the mine in availing the full amount, saying the delay had prejudiced the Trust of interest the money could have accrued if it had been deposited into the Trust's account.
"We are happy with what the money had done so far, but the only problem is that as long as the money is still in the mine's hands it will not benefit us much. If the money had been deposited into our account, it would have accrued interest. However, we hope the mine will live up to their word and clear the outstanding balance," he said.
Chief Mapanzure revealed that the Trust had so far used $2,1 million on several development projects initiated in Zvishavane district.
The traditional leader said the first phase of development projects had been completed with the Trust now embarking on the second phase.
A total of 17 projects have been initiated across the Zvishavane district under the first phase.
Some of the projects the Trust has completed under the first phase include the construction of 17 classroom blocks at various primary and secondary schools in the district, drilling of community boreholes some of which will be drilled at each of the five chiefs' homesteads.
The Trust has also bought a Toyota double cab which will be used to monitor the various projects it is working on as well as a seven ton truck which is being used to ferry grain to drought stricken areas in the district.
Chief Mapanzure said the projects that the Trust had embarked on in the first phase were spread to all the five chiefs in the districts, namely Chief Mazvihwa, Chief Mapanzure, Chief Mafala, Chief Masunda and Chief Wedza.
He added that the Trust is also constructing a clinic in Chief Mafala's area under the second phase.
Some of the projects earmarked for the second phase include electrification of several schools in the district, scooping of dams to improve the water situation in Zvishavane as well as construction of a rural clinic among other projects.
Mimosa Mine has now availed $4 million to the Trust with the remainder expected to be availed soon.
President Mugabe launched the Zvishavane Community Ownership Trust in February this year.
The chairperson of the Zvishavane Community Share Ownership Trust, Chief Mapanzure, confirmed to Sunday News that the giant platinum mine had recently deposited into the Trust an additional $1 million in addition to the $3 million the mine had availed at the beginning of the year.
"I can confirm that the mine has given us $1 million which is part of the $10 million seed capital. The money was deposited into our account last month. So to date the mine has given us $4 million and we expect the other $6 million to be availed soon.
"We had a meeting with the mine management and they gave us an assurance that they would clear the balance soon and we are confident they will keep their word," he said.
Chief Mapanzure, however, expressed concern at the delay by the mine in availing the full amount, saying the delay had prejudiced the Trust of interest the money could have accrued if it had been deposited into the Trust's account.
"We are happy with what the money had done so far, but the only problem is that as long as the money is still in the mine's hands it will not benefit us much. If the money had been deposited into our account, it would have accrued interest. However, we hope the mine will live up to their word and clear the outstanding balance," he said.
Chief Mapanzure revealed that the Trust had so far used $2,1 million on several development projects initiated in Zvishavane district.
The traditional leader said the first phase of development projects had been completed with the Trust now embarking on the second phase.
A total of 17 projects have been initiated across the Zvishavane district under the first phase.
Some of the projects the Trust has completed under the first phase include the construction of 17 classroom blocks at various primary and secondary schools in the district, drilling of community boreholes some of which will be drilled at each of the five chiefs' homesteads.
The Trust has also bought a Toyota double cab which will be used to monitor the various projects it is working on as well as a seven ton truck which is being used to ferry grain to drought stricken areas in the district.
Chief Mapanzure said the projects that the Trust had embarked on in the first phase were spread to all the five chiefs in the districts, namely Chief Mazvihwa, Chief Mapanzure, Chief Mafala, Chief Masunda and Chief Wedza.
He added that the Trust is also constructing a clinic in Chief Mafala's area under the second phase.
Some of the projects earmarked for the second phase include electrification of several schools in the district, scooping of dams to improve the water situation in Zvishavane as well as construction of a rural clinic among other projects.
Source - sundaynews
