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leakages on minerals that have cost the country millions of dollars.
MMCZ said the inspectors would be making frequent visits to any premises of any person involved in mining or a person who owns or possesses any minerals.
This is meant to ensure effective accounting of national mineral resources in order to reduce losses through leakages.
“The unit achieves its goals by carrying out examination of production activities and processes, assessment of security systems with regard to minerals storage and transportation and verification of the authenticity of requisite documents required when selling minerals,” said MMCZ.
The corporation added that the inspectors were also empowered to seize and remove any record or material, which contravenes the MMCZ Act.
“In light of this development, all producers and dealers of minerals are encouraged to co-operate with MMCZ Inspectors.
“Any person who contravenes, or fails to comply with, any request, requirement or demand lawfully made under the Minerals Marketing Corporation of Zimbabwe (Appointment of Inspectors) Regulations, 1983 shall be guilty of an offence in terms of section 6 of the Regulations.”
Over the past few years, the country was prejudiced of millions of dollars in potential revenue due to smuggling of precious minerals such as diamonds and gold. Concerns have also been raised over under-invoicing on mineral exports by big mining houses.
Mines and Mining Development Deputy Minister Gift Chimanikire recently expressed concern over massive smuggling of minerals, saying this was a major threat to the economy.
He noted that minerals were not being accounted for, especially in Marange where miners are reported to be bribing law enforcement agents to smuggle diamonds out of the country. Mining experts said the establishment of the inspectorate unit would enable the country to derive maximum benefits from the sector, which is expected to anchor economic growth.
Zimbabwe’s mining sector experienced challenges over the past 10 years, along side other key economic sectors such as manufacturing, agriculture, tourism and financial services. Investment is returning to the sector, following the establishment of an inclusive Government in 2009. The liberalisation of the gold sector in the same year was a further positive.
Renaissance Capital has forecast that Zimbabwe’s mining sector would achieve double-digit growth over the medium term which will boost output to between 12 and 13 percent of the GDP by 2015.
In its recent report, the RenCap said Zimbabwe’s mining sector is also expected to be the fastest-growing economic sector in Zimbabwe this year, owing to strong commodity prices, increasing investment in expansion programmes, and the recapitalisation of mining operations.
“Such growth will obviously play a significant role in expanding the economy but it’s only when minerals are accounted for,” said one analyst with a local investment firm.
The MMCZ is a wholly owned Government entity established and governed by the Minerals Marketing Corporation of Zimbabwe Act. It is the sole marketer of all the minerals of the country except gold and silver, which are controlled by the RBZ Act.