Government, through the Ministry of Mines and Mining Development has approved the Bravura Gold initiative and CBM intiative agreements which are part of the country’s initiatives towards Achievement of a US$12 Billion Mining Industry.
Agreements which were approved are Gold Mining Concession between the Republic of Zimbabwe and Bravura Zimbabwe (Pvt) Ltd; and Memorandum of Understanding (MoU) between the Republic of Zimbabwe and Jacqueline Resources (Pvt) Ltd concerning the exploration and development of Coal Bed Methane (CBM) Fields.
Information, Publicity and Broadcasting Services, Minister Monica Mutsvangwa said that on the agreement, Bravura will be responsible for mineral evaluation.
“Bravura is a highly technical company which will bring in specialized equipment for airborne geophysical surveys using radiometric, magnetic, electromagnetic, geo-radar among other methods to allow an optimal evaluation of mineral resources,” she said.
The Bravura Agreement will see the State granting a concession in the Fort Rixon area to Bravura.
On its part, Bravura will carry out exploration, exploitation and processing of gold and allied minerals in the Fort Rixon concession.
Production from the concession will be shared in accordance with terms to be set in the Operating Agreement yet to be signed, which shall be by production sharing in the proportion of 80% for Bravura and 20% to the State.
On the Jacqueline Resources Memorandum of Understanding, Mutsvangwa said that the goverment will establish a formal and binding relationship between the Parties for collaboration in the exploration and development of Coal Bed Methane in Zimbabwe.
“The Memorandum of Understanding will result in the signing of a Joint Venture Agreement between the Parties covering, inter-alia, the following areas; the participating interests of the Parties in the Joint Venture, profit sharing appointment of key project personnel; and ownership of the project intellectual property rights of the Parties,” said Mutsvangwa.
Jacqueline Resources (Pvt) Ltd is an Australian company which is duly registered in terms of the laws of Zimbabwe and has extensive experience in the exploitation and development of CBM fields as well as immense capacity to mobilize funding to undertake these activities, including the management of proactive projects.
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