MMCZ wants legislation compelling foreign owned mining companies to list on ZSE

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By Zimbabwe Investor on May 3, 2013. No Comments

Freda Rebecca mine in Bindura is owned by AIM listed Mwana Africa

Freda Rebecca mine in Bindura is owned by AIM listed Mwana Africa

HARARE (Zimbabwe Investor) – The Mineral Marketing Corporation of Zimbabwe says government should craft legislation that compels foreign-owned mining firms operating in the country to also list on the Zimbabwe Stock Exchange (ZSE) according to a state owned daily newspaper.

“Mining companies listed in Sydney, Frankfurt, Canada and Johannesburg should be forced to list in Zimbabwe first”, Mineral Marketing Corporation of Zimbabwe, Christopher Mutsvangwa told the Herald newspaper.

“No mining company should be primarily listed on other stock exchanges outside without being listed in Zimbabwe. Australia has done it and it is working with billions of dollars flowing into that country.

“Everyone all over the world is chasing Zimbabwe’s diamonds so we want that money to come directly into the country pushing local deposits up.”

ZSE currently has four mining companies listed on the exchange with a total of 67 entities with two of the four, Bindura Nickel Corporation and Falcon Gold being foreign-owned.