Concerns raised over mining law

Business

By GYNNIE KERO
GOVERNMENT has to consider who will benefit from any amendments to the Mining Act before the changes are done, according to Mineral Resources Authority managing director Philip Samar.
“I’m concerned about the revised legislation. I know the implications because I am at the regulating end,” he said.
“My advice to Government would be to relook at the revised legislation, Mining Act principles and understand and appreciate what the implications are.
“Because if you can see that then you can do business within the climate.
“Any changes we make to our policies, we have to think about who you are creating policies for. That’s why I’ve been addressing Government on creating legislation which not only optimise returns for our people, but also shareholders have a fair return.
“The 1992 Mining Act is a great piece of legislation. As a regulator, I will wait for Government to pass the proposed changes, revise legislation and I will implement.”
Apart from being the regulator in the mining sector, the MRA also promotes investment in exploration.
“Our job is to create a conducive environment for investors to access the minerals and to take to market and contain social economic issues around primary operations,” he said.
“The returns on mining here are higher compared to other countries. We have world class assets, most are 10 to15 plus years.”
Samar said the MRA would deliver five agreements for new projects by the end of the year.

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