Zimbabwe to drop local listing requirement from mining bill: foreign minister

Zimbabwe's Minister of Foreign Affairs and International Trade Sibusiso Moyo looks on during a press conference following a meeting with Russia's Minister of Foreign Affairs Sergei Lavrov. Alexander Shcherbak/TASS

LONDON (Reuters) – Zimbabwe will drop a requirement that mining companies must list on the local stock exchange from a new mining act, foreign minister Sibusiso Moyo said on Monday.

Industry lobby group, the Chamber of Mines, had expressed concerns about the proposal for mining firms to list locally, warning that the exchange might not be deep and liquid enough for companies to raise capital.

“Previously there was an indication that the new mining act would have a requirement to list on the local exchange,” Moyo said, speaking in London at a Chatham House event.

“But we can assure you that this qualification will be taken out.”

The original proposal was part of efforts under the country’s new president Emmerson Mnangagwa to boost investment and local ownership of Zimbabwe’s vast mineral resources.