"400 mines have 60 days notice to remedy the default notices starting march the 16th" ...blah blah blah ..."non payment" ..."failure to commence and carry out prospecting"...
Here is the aticle, read it twice ,nothing in it but pay up or ping off.
"FIRST Quantum Minerals and others face closure over exploration licencing TIME PUBLISHED - Sunday, March 18, 2012, 11:44 am
"First Quantum Minerals FIRST Quantum Minerals (FQM) Zambia Limited, Equinox Zambia Limited and ZCCM-IH are among over 400 mining companies facing closure for defaulting on meeting statutory obligations as required by law.
The Ministry of Mines and Natural Resources has since warned the defaulting companies that they risk having their mineral processing or exploration licences cancelled if they do not remedy the defaults within 60 days starting from Friday, March 16, 2012.
This is according to a default notice issued by Geological Survey Department director Chipilauka Mukofu to the erring companies.
“In accordance with provisions of section 102 of the Mines and Minerals Development Act number 7 of 2008, the director of Geological Survey hereby gives default notices to the under-listed holders of prospecting licences and mineral processing licences with the following defaults:
“Non-payment of area charges on the anniversary of grant, contrary to section 143 of the Mines and Minerals Development Act, failure to commence and carry out prospecting operations contrary to section 19 of the Mines and Minerals Development Act, and failure to submit quarterly and annual exploration reports, contrary to provisions of the Act,” the notice reads in part.
Further defaults are submission of sub-standard or false reports that do not represent exploration progress, failure to submit a decision letter in respect of an environmental project brief and failure to keep full and accurate exploration or mining processing records.
“As provided under section 102, all defaulting holders are hereby given a period of 60 days, effective from the date of publication of this notice, to remedy the defaults cited above, failure to which the prospecting licence or mineral exploration licence shall be cancelled,” the notice adds.
Other notables on the list include Ndola Lime Company Limited, TEAL Development Zambia Limited, BHP Billiton World Exploration Incorporation Zambia Limited, Zhonghui Mining Industry Limited and Euro Africa Kalengwa Mines Limited.
Others are Jiaxing Mining Zambia Limited, Central Africa Mining Limited, Mwembeshi Resources Limited, Sino-Kasempa, Zhonglian Mining Group Corporation Limited and China Mining Group Corporation.
Some of the individuals on the list are Jason Mfula and Jazzman Chikwakwa.
But FQM says it is fully compliant with all statutory requirements.
The company says the Kipushi mining prospecting licence cited for has been in dispute for three years. “The dispute has put First Quantum Minerals in a position in which it cannot do anything until the matter is resolved,” a company spokesperson said in response to a Sunday Mail query.
And Ndola Lime Company Limited says it will have to check the prospecting licences being referred to by the ministry.
Company general manager Abraham Witika said the company holds a mining licence.
“We have to check the prospecting licences being referred to because we are in mining industry, with a mining licence,” he said.
He was speaking in an interview in Ndola yesterday. Ndola Lime Company produces limestone, quicklime and hydrated lime.
[Zambia Daily Mail]
cameo dyor
BTR Price at posting:
$1.61 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)