[miningmx.com] – ZIMBABWE’s proposed state wealth fund may get up to 25% of mining royalties and special dividends on state mineral and metal sales, said Bloomberg News citing a draft proposal due to be put to the country’s parliament early next year.
“That document will be taken to parliament sometime early next year,’ Fred Moyo, the country’s deputy mines minister, told Bloomberg News. “It’s critical for us to have a sovereign wealth fund, and that’s what every nation should do to address vulnerable situations,’ Moyo said.
The fund’s activities – which will be promulgated as the Sovereign Wealth Fund of Zimbabwe Act – would be decided by a 16 member board with proceeds from the fund to be used for infrastructure projects, the newswire said.
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