Zimbabwe Names New Management Board for Minerals Marketing Corporation
Posted on: Tuesday, 21 February 2006, 09:00 CST
Zimbabwe names new management board for minerals marketing corporation
HARARE, Feb. 20 (Xinhua) -- Zimbabwe's Minister of Mines and Mining Development Amos Midzi on Monday announced a new nine- member management board for the Minerals Marketing Corporation of Zimbabwe (MMCZ).
The board, chaired by Prisca Mupfumira from the Chamber of Mines, is expected to revamp marketing and monitoring of minerals and pursue business in the mining investments.
"The new board is expected to tackle challenges facing the mining sector," the minister said, adding that he was confident that the mining sector would contribute significantly to the turnaround of the country's economy.
Midzi said the board would focus on investment promotion, value addition of minerals, elevation of small-scale miners, market growth as well as diversification to the "Look East" policy.
"We should emphasize and focus more on the 'Look East' policy and development of markets," he said.
Although the mining sector performed well last year, the performance was below government expectations, he said.
As part of efforts to diversify the market, MMCZ chief executive officer, Onesimo Moyo, said they planned to open mineral trading offices in Shanghai, China, and custom milling services and chrome projects for small-scale miners.
Meanwhile, the MMCZ financial highlights indicated that the corporation's market profits stood at 606 million U.S. dollars in 2005, up from 242 million dollars in 2004, with the best performance from platinum.
The Reserve Bank of Zimbabwe (RBZ) said it would from this month to introduce systems and reporting procedures for the gold sector as it moves to curb smuggling of precious minerals.
In 2004 alone the country was prejudiced of 160 million dollars through smuggling activities.
The RBZ governor, Gideon Gono, has expressed concern over miners who continue to declare falling output levels yet their consumption levels of raw materials, particularly imported ones, continue to grow - a sign of increased productivity.
He noted the need for the realignment and reorientation of MMCZ to assume a much more aggressive role in marketing and ensuring early repatriation of mineral exports.
Source: Xinhua News Agency - CEIS
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