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Article

3 Jul 2009

Author:
Nelson Banya, Reuters

Zimbabwe to re-evaluate all mining contracts

Zimbabwe will re-evaluate all mining contracts and introduce a "use it or lose it" policy for its mining industry under a proposed law, Finance Minister Tendai Biti told Reuters on Friday... "The government... is working on a new mining law, amendments to the mining laws, so that we comply with new standards for the extractive industries, which the World Bank is insisting on," Biti said... "The concept of empowerment we want to see is mass empowerment..." he said. "This will be done through the establishment of a National Sovereign Fund to enable communities to benefit from the...resources from their areas."