Industry and Commerce Minister Mr Welshman Ncube said that there are no sticking issues to the transfer of mining rights to Essar Global which acquired a 60% stake in Ziscosteel from the Zimbabwean government.
However, Minister Ncube said that it was only a matter of time before the government transferred the mining and prospecting rights over Ripple Creek and Mwanesi Range to the Indian steel company.
He said that “As far as I know there are no sticking points because all the matters are covered by specific Cabinet resolutions, the mining claims whether it is on the Ripple Creek or Buchwa, they agreed they have already written letters for the transfer of those. Whether it is for the prospecting licences to Mwanesi, Cabinet directed that this be done and it is a question of sequencing, the Ministry of Mines and Mining Development has been saying that in the implementation process you need to have completed steps A, B, C before you actually get the prospecting licences.”
Minister Ncube stated “We hope that very soon in the next few days or weeks we can actually conclude everything but there are no sticking issues it is bureaucratic, procedural issues that have to be complied with.”
The USD 750 million deal appeared to be on the rocks following reservations from the Ministry of Mines and Mining Development that Essar had acquired most of Zimbabwe’s iron ore mining rights held by Buchwa Iron Ore Mining Company.
