The state-run Minerals Marketing Corporation of Zimbabwe could not provide statistics from last year, when many mining operations shut down due to world-record hyperinflation that forced many businesses to stop operating.
Byline: pinto03 he government-run Minerals Marketing Corporation of Zimbabwe (MMCZ) has signed a memorandum of understanding (MOU) with Jinchuan Nickel Mining Company of China that might result in the bulk of nickel, copper and cobalt mined in the country being sold in the vast Asian state.
Treasury said the targeted entities include Operation Sovereign Legitimacy, described as the commercial arm of the Zimbabwean army, the Minerals Marketing Corporation of Zimbabwe (MMCZ), a marketing and export agent for all minerals except gold and silver mined in the country, the Zimbabwe Iron and Steel Company (ZISCO), the country's largest steel works, as well as a number of banks and holding companies.
The Hartley agreement ensures security of tenure for investors and stability of fiscal terms according to the Minister of Mines, Mr Edison Zvobgo, but just as importantly, the Zimbabweans appear to have allowed BHP Minerals to market the platinum group metals without having to go through the state owned Minerals Marketing Corporation of Zimbabwe (MMCZ).
Among the State enterprises blacklisted under the latest round of sanctions announced on Friday are the giant Zimbabwe Iron and Steel Company (Zisco), the Zimbabwe Mining Development Corporation (ZMDC), the Minerals Marketing Corporation of Zimbabwe (MMCZ), the Industrial Development Corporation (IDC), the Infrastructure Development Bank of Zimbabwe, ZB Financial Holdings and the Agricultural Development Bank of Zimbabwe (Agribank).
However, the project, which is projected to last 40 years and produce more than 100 million ounces of platinum group metals, hinges on negotiations with the government to sell their product outside the Minerals Marketing Corporation of Zimbabwe (MMCZ), which controls all export sales.
