The Zimbabwean government has threatened to seize platinum concessions from Todal Mining, a venture controlled by Eurasian Resources Group, due to a lack of progress made in developing them, according to media reports.
Bloomberg quoted mines minister Winston Chitando as saying in a letter dated May 28 that the “use-it/lose-it principle” would be used if the Bokai and Kinonde concessions are not developed.
“I note with concern that over the last few years there have been several changes to the work program to make this project progress to production stage,” the minister said in the letter.
Todal bought the assets from Anglo American Platinum more than a decade ago but handed them to Central African Mining & Exploration Co.
That company was then bought by Eurasian Natural Resources, which later became Eurasian Resources Group.
“This is due process in the spirit of administrative justice,” Zimbabwe’s deputy mines minister Polite Kambamura was quoted as saying by Bloomberg.
“We will give the asset holder a chance to respond through the mining affairs board. If there are any developments that they have made on it which we are not aware of they will make those submissions and a final decision will be made after all due process has been done.”
Zimbabwe has the world’s third-biggest platinum group metal reserves.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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