Zimbabwe Cancels Anglo American, Rio Tinto Mining Rights

Zimbabwe has canceled exclusive prospecting rights belonging to miners Anglo American and Rio Tinto in a move aimed at punishing the under-use of claims.

An official publication said the government revoked four exploration rights issued to Rio Tinto Zimbabwe Ltd and seven held by Anglo American's Zimbabwe unit. Prospecting Ventures.

Two months ago, Zimbabwean central bank governor Gideon Gono said the country’s mining industry was operating below capacity, with some potential investors keeping mining claims for years without solid operational plans.

Gono said Zimbabwe should follow the lead of other countries in pressing mining authorities to set deadlines by which mining claims should be utilized.

 
According to Zimbabwean media reports, the government has re-possessed hundreds of unused mining claims from companies and individuals around the country since the start of the year to make way for what it describes as serious investors.

Zimbabwe issues exclusive prospecting orders for a renewable term of two years but can cancel them if exploration work does not start on time.

Anglo, the world's third largest mining group, is the principal shareholder in the Unki Platinum project in central Zimbabwe.

Rio Tinto Zimbabwe, a unit of the world's second-biggest diversified mining company, has extensive gold and diamond mining interests in Zimbabwe.