The document discusses opacity and lack of transparency in Zimbabwe's mining sector deals. It notes that mining agreements are negotiated privately without participation from key stakeholders, and details often only emerge later that suggest the country was not adequately compensated. The document specifically examines the unclear Zimplats indigenization deal, which allegedly undervalued resources and had problematic funding terms that may result in communities forfeiting shares. It calls for the mining deals and indigenization program to have greater transparency and public participation going forward.
In response to the financial crisis of 2008, the Dodd-Frank Act included the creation of the Consumer Financial Protection Bureau (CFPB) to ensure that banks, lenders, and financial companies treat consumers fairly by providing greater protection and establishing rights to consumers of financial products. Is that purpose and role now in jeopardy?
The need for contract (and licensing documents) openness in the extractive industries is currently getting stronger, along with public demands for a transparent and accountable extractive industry governance. Some cases have shown a good precedent of contract openness in the said sector in Indonesia
Disclosure of contract and license in the extractive industry sector, especially in oil, gas and mining are mandatory thing. Firstly, they are important to trace the income flws from extractive industry sector, and also to secure social and environmental justice. Contract and licensing documents of extractive industry sector always involve public resources and become the basis of many public policies for its fical, social, and environmental aspects. So the public has the right to know and aware of the content of those documents. Secondly, the disclosure publicly contribute to the decreasing of corruption practices usually done by government and companies collusion.
Thrdly, contract and licensing documents have been published by many countries in the world, at least 29 countries of them, such as Colombia, Ghana, Guinea, Iraq, Liberia, Peru, Timor-Leste, Philippines and United States. Even extractive companies like Rio Tinto, ExxonMobil, British Petroleum, SOCAR, Amaco, Lukoil, Elf and Statoil, Tullow Oil, and Kosmos Energy did so. Supports for publicizing the documents also come from international institutions like World Bank Group’s International Finance Corporation (IFC), International Monetary Fund (IMF), and the International Bar Association.
In response to the financial crisis of 2008, the Dodd-Frank Act included the creation of the Consumer Financial Protection Bureau (CFPB) to ensure that banks, lenders, and financial companies treat consumers fairly by providing greater protection and establishing rights to consumers of financial products. Is that purpose and role now in jeopardy?
The need for contract (and licensing documents) openness in the extractive industries is currently getting stronger, along with public demands for a transparent and accountable extractive industry governance. Some cases have shown a good precedent of contract openness in the said sector in Indonesia
Disclosure of contract and license in the extractive industry sector, especially in oil, gas and mining are mandatory thing. Firstly, they are important to trace the income flws from extractive industry sector, and also to secure social and environmental justice. Contract and licensing documents of extractive industry sector always involve public resources and become the basis of many public policies for its fical, social, and environmental aspects. So the public has the right to know and aware of the content of those documents. Secondly, the disclosure publicly contribute to the decreasing of corruption practices usually done by government and companies collusion.
Thrdly, contract and licensing documents have been published by many countries in the world, at least 29 countries of them, such as Colombia, Ghana, Guinea, Iraq, Liberia, Peru, Timor-Leste, Philippines and United States. Even extractive companies like Rio Tinto, ExxonMobil, British Petroleum, SOCAR, Amaco, Lukoil, Elf and Statoil, Tullow Oil, and Kosmos Energy did so. Supports for publicizing the documents also come from international institutions like World Bank Group’s International Finance Corporation (IFC), International Monetary Fund (IMF), and the International Bar Association.
Understanding the Fountain of Social License to Operate The Trends and Implic...ijtsrd
Despite the nascent history of extractive activities in Cameroon, very few studies have examined social license to operate SLO from the perspective of the local communities. Indeed, SLO is an informal social contract that aims to bridge the gap among the views of the most important stakeholders involved in extractive activities. As such, the novelty of this paper lies in the fact that it discusses the current situation and the future prospects of granting an SLO, and seeks to assess whether SLO exists in the extractive industries EI of Cameroon by considering the perceptions of the members of the local community and local officials in the areas around where the extractive activities are carried out. In this sense, a conceptual framework is developed to identify and assess the key factors involved in gaining and maintaining an SLO. By highlighting the factors that may affect the views of all involved stakeholders, focusing on the joint efforts that are required by the EI and the society, as well as on the main technological, social, political, and legal issues, which are relevant to the process. Since one of the characteristics of an SLO is that it should take place before, during, and after the completion or closure of the extractive operation. From this, it is believed that if trust is developed between the involved stakeholders, the SLO may prove an important tool in future extraction to safeguard the supply of raw materials, minimise the environmental footprint, and improve the quality of life in the affected regions. In this regard, an exploratory qualitative method is used to confirm the elements of the framework, and to establish whether SLO existed in practice in the Cameroonian context. This is to achieve the main aim of the paper, which is to establish the extent to which SLO exists in the EI of Cameroon by assessing the various processes followed by the corporations in relation to the communities, as well as the different administrative levels within the government to gain an SLO. With the tendency to identify the key issues that require further research that could contribute to the ongoing policy discourse on the beneficial, effective, and efficient management of the extractive natural resources in the country. Bande Gulbert Mbah Tarh "Understanding the Fountain of Social License to Operate: The Trends and Implications for the Extractive Industries in Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-1 , February 2023, URL: https://www.ijtsrd.com/papers/ijtsrd52798.pdf Paper URL: https://www.ijtsrd.com/management/law-and-management/52798/understanding-the-fountain-of-social-license-to-operate-the-trends-and-implications-for-the-extractive-industries-in-cameroon/bande-gulbert-mbah-tarh
Assessing an Enabling Environment for Open Local Contracting in Fako Divisionijtsrd
Open Contracting has become part of public financial management the government uses to generate revenues through the issuance of licenses to operate public services, and in the sale of public property. As one of the measures in which the government spends its money, all levels of government whether at the national or at the local levels enter into contracts to deliver goods, works, and services to citizens. These public contracts are given to all economic sectors and agreements are made ranging from the small procurement of goods to large capital spending for development of major infrastructural projects to take place. However, public contracting has been identified as the government activity in the advanced and less advanced countries most vulnerable to wastefulness, mismanagement, inefficiency, and corruption oftentimes, the governments dishes out little or no information about a the planning of public contracts, b how public contracts are formed e.g. whether by negotiation or through a competitive tender process c the content of the agreements d the progress of their performance or e the relevant government oversight mechanisms. This lack of information can make it difficult for civil society - and sometimes even for auditors and parliaments - to assess whether the government is getting good value for money or whether the parties to the contract are fully complying with their obligations. Agnes Nanyongo Mbua Ndumbe "Assessing an Enabling Environment for Open Local Contracting in Fako Division" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47651.pdf Paper URL : https://www.ijtsrd.com/humanities-and-the-arts/political-science/47651/assessing-an-enabling-environment-for-open-local-contracting-in-fako-division/agnes-nanyongo-mbua-ndumbe
Tracking the trend an assessment of diamond mining sector tax contributions ...ZELA_infor
The research behind this publication was to 'track the trends' with respect to revenues accruing to the national fiscus from diamond mining companies from 2010 to 2013.
The Zimbabwe diamond mining industry has attracted the attention of every Zimbabwean. The interest in the industry has also been global. This is, in no small part, a result of the fact that the Marange diamond fields represent a huge find in recent years. The fact that the Marange diamond find had significant deposits of alluvial diamonds only served to heighten public expectations for windfall revenues. It is now over five years since the start of official diamond mining in Marange. Far from being the answer to the country's economic woes, the Marange diamonds have failed to 'sparkle' for the benefit of the general populace. Despite providing some intermittent financial relief, the expectations of Government and the general public are far from being met.
“Tracking the Trends” looked at the total contributions made by diamond mining companies to national Treasury. The publication unpacks and analyses the Marange diamonds production and revenue data with a view to ascertaining what the contribution of the diamonds has been from 2009-2013.
The findings show that there is a clear mismatch between the expected or targeted revenue and that which is actually accruing to Treasury. The biggest mismatch or revenue shortfall was recorded in 2012. The Government had expected to rake in US$600 million from diamond mining dividends and royalties yet only US$45 million was realised.
Proceeds of Crime and the Havoc it is Causing to Legitimate Business in Cameroonijtsrd
The business arena in Cameroon is facing a lot of challenges. Amongst them is the influx of illicit money. The attendant consequence, being a high probability of chasing out legitimate businesses and their proprietors from the Cameroonian market. This problem is made worst by the fact that those involved are politically exposed persons whom because of the corrupt nature of the country and a highly centralised government wield a lot of power thus weakening the existing legal framework put in place to check embezzlement and money laundering.This paper is meant to create awareness on the damaging effects of these illegal practices on our economy. This will enable law makers to design a legal framework with measures capable of preventing the flow of such illegitimate funds into the country's economy. Only such a move can create a conducive and healthy arena for doing business in Cameroon. One where there can be positive competition that can boost growth in an economy. Businesses run for the purpose of laundering money are unstable and do not help the economy in any way. Akuhfa Harriette | Prof. Galega Samgena D "Proceeds of Crime and the Havoc it is Causing to Legitimate Business in Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29758.pdf Paper URL: https://www.ijtsrd.com/other-scientific-research-area/other/29758/proceeds-of-crime-and-the-havoc-it-is-causing-to-legitimate-business-in-cameroon/akuhfa-harriette
A digital copy of the Business News 24 (18 June edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
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Understanding the Fountain of Social License to Operate The Trends and Implic...ijtsrd
Despite the nascent history of extractive activities in Cameroon, very few studies have examined social license to operate SLO from the perspective of the local communities. Indeed, SLO is an informal social contract that aims to bridge the gap among the views of the most important stakeholders involved in extractive activities. As such, the novelty of this paper lies in the fact that it discusses the current situation and the future prospects of granting an SLO, and seeks to assess whether SLO exists in the extractive industries EI of Cameroon by considering the perceptions of the members of the local community and local officials in the areas around where the extractive activities are carried out. In this sense, a conceptual framework is developed to identify and assess the key factors involved in gaining and maintaining an SLO. By highlighting the factors that may affect the views of all involved stakeholders, focusing on the joint efforts that are required by the EI and the society, as well as on the main technological, social, political, and legal issues, which are relevant to the process. Since one of the characteristics of an SLO is that it should take place before, during, and after the completion or closure of the extractive operation. From this, it is believed that if trust is developed between the involved stakeholders, the SLO may prove an important tool in future extraction to safeguard the supply of raw materials, minimise the environmental footprint, and improve the quality of life in the affected regions. In this regard, an exploratory qualitative method is used to confirm the elements of the framework, and to establish whether SLO existed in practice in the Cameroonian context. This is to achieve the main aim of the paper, which is to establish the extent to which SLO exists in the EI of Cameroon by assessing the various processes followed by the corporations in relation to the communities, as well as the different administrative levels within the government to gain an SLO. With the tendency to identify the key issues that require further research that could contribute to the ongoing policy discourse on the beneficial, effective, and efficient management of the extractive natural resources in the country. Bande Gulbert Mbah Tarh "Understanding the Fountain of Social License to Operate: The Trends and Implications for the Extractive Industries in Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-1 , February 2023, URL: https://www.ijtsrd.com/papers/ijtsrd52798.pdf Paper URL: https://www.ijtsrd.com/management/law-and-management/52798/understanding-the-fountain-of-social-license-to-operate-the-trends-and-implications-for-the-extractive-industries-in-cameroon/bande-gulbert-mbah-tarh
Assessing an Enabling Environment for Open Local Contracting in Fako Divisionijtsrd
Open Contracting has become part of public financial management the government uses to generate revenues through the issuance of licenses to operate public services, and in the sale of public property. As one of the measures in which the government spends its money, all levels of government whether at the national or at the local levels enter into contracts to deliver goods, works, and services to citizens. These public contracts are given to all economic sectors and agreements are made ranging from the small procurement of goods to large capital spending for development of major infrastructural projects to take place. However, public contracting has been identified as the government activity in the advanced and less advanced countries most vulnerable to wastefulness, mismanagement, inefficiency, and corruption oftentimes, the governments dishes out little or no information about a the planning of public contracts, b how public contracts are formed e.g. whether by negotiation or through a competitive tender process c the content of the agreements d the progress of their performance or e the relevant government oversight mechanisms. This lack of information can make it difficult for civil society - and sometimes even for auditors and parliaments - to assess whether the government is getting good value for money or whether the parties to the contract are fully complying with their obligations. Agnes Nanyongo Mbua Ndumbe "Assessing an Enabling Environment for Open Local Contracting in Fako Division" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47651.pdf Paper URL : https://www.ijtsrd.com/humanities-and-the-arts/political-science/47651/assessing-an-enabling-environment-for-open-local-contracting-in-fako-division/agnes-nanyongo-mbua-ndumbe
Tracking the trend an assessment of diamond mining sector tax contributions ...ZELA_infor
The research behind this publication was to 'track the trends' with respect to revenues accruing to the national fiscus from diamond mining companies from 2010 to 2013.
The Zimbabwe diamond mining industry has attracted the attention of every Zimbabwean. The interest in the industry has also been global. This is, in no small part, a result of the fact that the Marange diamond fields represent a huge find in recent years. The fact that the Marange diamond find had significant deposits of alluvial diamonds only served to heighten public expectations for windfall revenues. It is now over five years since the start of official diamond mining in Marange. Far from being the answer to the country's economic woes, the Marange diamonds have failed to 'sparkle' for the benefit of the general populace. Despite providing some intermittent financial relief, the expectations of Government and the general public are far from being met.
“Tracking the Trends” looked at the total contributions made by diamond mining companies to national Treasury. The publication unpacks and analyses the Marange diamonds production and revenue data with a view to ascertaining what the contribution of the diamonds has been from 2009-2013.
The findings show that there is a clear mismatch between the expected or targeted revenue and that which is actually accruing to Treasury. The biggest mismatch or revenue shortfall was recorded in 2012. The Government had expected to rake in US$600 million from diamond mining dividends and royalties yet only US$45 million was realised.
Proceeds of Crime and the Havoc it is Causing to Legitimate Business in Cameroonijtsrd
The business arena in Cameroon is facing a lot of challenges. Amongst them is the influx of illicit money. The attendant consequence, being a high probability of chasing out legitimate businesses and their proprietors from the Cameroonian market. This problem is made worst by the fact that those involved are politically exposed persons whom because of the corrupt nature of the country and a highly centralised government wield a lot of power thus weakening the existing legal framework put in place to check embezzlement and money laundering.This paper is meant to create awareness on the damaging effects of these illegal practices on our economy. This will enable law makers to design a legal framework with measures capable of preventing the flow of such illegitimate funds into the country's economy. Only such a move can create a conducive and healthy arena for doing business in Cameroon. One where there can be positive competition that can boost growth in an economy. Businesses run for the purpose of laundering money are unstable and do not help the economy in any way. Akuhfa Harriette | Prof. Galega Samgena D "Proceeds of Crime and the Havoc it is Causing to Legitimate Business in Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29758.pdf Paper URL: https://www.ijtsrd.com/other-scientific-research-area/other/29758/proceeds-of-crime-and-the-havoc-it-is-causing-to-legitimate-business-in-cameroon/akuhfa-harriette
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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Yet again, opacity raises its ugly head in zimbabwe's mining sector
1. Yet Again, Opacity rears its Ugly Head in Zimbabwe’s Mining Sector
By Gilbert Makore and Allan Chaumba
1 March 2013
Zimbabwe has not been able to leverage its sub-surface mineral wealth into financing broad based
development. One of the critical factors why the country has failed to parlay its mineral resources into
economic growth and development is the pervasive opacity in the extractive industries. There is limited
public knowledge on the granting of claims, contract negotiation; production level data, marketing of
minerals, revenue generation and revenue use. The cloak of secrecy in the mining sector effectively
sidelines the vast majority of the population from participating in the governance and decision making
processes related to the sector.
Worryingly, mining related deals are consummated away from the public eye only for details to emerge
that the country may have been prejudiced. The Deputy Prime Minister, Arthur Mutambara, has
conceded that negotiators of Zimbabwe’s mining deals come to the table deaf, dumb and blind. There is
evidence to support his claim. There have been allegations that the ZISCO-ESSAR deal was negotiated
without the participation of key Ministries and ended skewed in favor of the private company. To date,
despite the various government heads trading barbs through the media, there has been no publication
of the said deal or at the very least, its outcomes. There is still no clarity as to whether or not the deal
has been given consent by the two parties involved.
Currently, the country is seized with emerging details regarding the Zimplats indigenization deal. The
deal is part of Zimplats’ compliance with the Indigenization and Economic Empowerment Act. The Act
compels companies to sell off 51% of their shares to indigenous Zimbabweans. As far back as October
2011 it was reported that Zimplats had given 10% of its shareholding to the local community as a step
towards compliance with the law. The act of disposing 10% to the local community presupposed general
agreement on a deal. However, in May 2012 the Minister of Youth Development, Indigenization and
Empowerment and the Zimplats Chairperson appeared at a joint press conference at which it was said
that the company had submitted a plan that complied with the law. It then becomes mind boggling that
prior to the conclusion of the deal, Zimplats had proceeded to dispose 10% shareholding to the local
community only to publicly reappear and say the deal had not been finalized.
There was much celebration by government and community representatives when the community trust
was established. The government was lauded as pioneering a ground-breaking model for community
development. Yet the finer details of the deal were not made public. The documents establishing the
agreement remained hidden from the general public. There was no transparent process around the
finalization of the deal. The communities were not consulted but were told what the deal meant for
them.
As far back 2011, the Zimbabwe Environmental Law Association (ZELA) had warned that the absence of
transparency and accountability in the implementation of the indigenization program would be a
harbinger for deals that prejudice the nation and ensuing public discontent around the program. In late
1
2. 2012, the organization commissioned a research into the establishment of Community Share Ownership
Trusts in Zimbabwe’s Mining Sector. The results of this research were shared with some legislators and a
launch of the research paper was done in January 2013. The research clearly enunciated the challenges
related to the implementation of the program particularly insofar as it lacked public participation; and
transparency and accountability. The research results postulated the Community Development
Agreement model as a better model for indigenization given its participatory and tripartite nature of
inclusivity with the key stakeholders from government, mining companies and communities having an
equal input.
There are now allegations that the deal undervalued the platinum resource that the company sits on.
Media reports also allege that the deal is problematic in terms of funding for the acquisition of the
shares by the government, the community and the employees. Indications are that there is a likelihood
that communities and other empowerment entities may fail to pay for the shares disposed potentially
resulting in the forfeiture of the same. There are also allegations that there was no consultation with
interested stakeholders in government and that the firm that provided consultancy services for
structuring the deal, Brainworks Capital, was awarded that contract irregularly in flagrant disregard of
the standing rules governing the awarding of tenders above $300, 000, 00 as set by the Tender Board.
Brainworks Capital alleges that the service provided was to a publicly listed company and therefore
there was no obligation to go to tender. However, it is the National Indigenization and Economic
Empowerment Board (NIEEB) that signed a mandate letter engaging the advisory firm on June 8, 2012 .
This is just the tip of the ice-berg in terms of the potential areas of concern with regards to the deal.
While various parties to the deal have come out to defend the process and the content of the deal, the
finer details are even murkier. The challenge extends beyond the Zimplats deal as indications are that
the same consultancy firm was retained to provide similar services in the deals agreed to by Mimosa,
Anglo American’s Unki Platinum, Pretoria Portland Cement and Caledonia. The total value of these deals
is said to be over US$1 billion.
What remains missing from the public domain are the documents detailing the deals that are ostensibly
meant to benefit us as Zimbabweans. The government stance seems to be –do not worry about media
reports, trust that we negotiated deals to the full benefit of the nation. Yet in the face of the media
reports being published, this surely cannot suffice. The current legal and policy framework governing
mining does not provide sufficient scope for transparency and accountability. However, the dictates of
good governance certainly provide a basis for their classification as public documents that ought to be
availed to the general populace for public consumption. It is hoped that the Mines and Minerals
Amendment Bill will contain key provisions on transparency and accountability. There is now global
consensus that openness in mineral resource governance is central to unlocking value. The Africa Mining
Vision recognizes the need for transparency and accountability while the Extractive Industries
Transparency Initiative is now an accepted global standard for extractive industries transparency. There
is need to publish all the negotiated documents related to the deal and ensure that the indigenization
program, going forward, is participatory. In respect of deals that have already been agreed to, there is
need for a commission of inquiry to be established and investigations carried out into the finer details of
2
3. these agreements and what exactly they mean for the nation. As both parties to the deal allege that
everything is above board, this should not prove to be a problem.
3