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GOVERNMENT TO INTRODUCE A 2017 MINING AND MINERAL RIGHTS BILL
GOVERNMENT TO INTRODUCE A 2017 MINING AND MINERAL RIGHTS BILL
17 January 2018 | 10:37

The government  says  the mining sector should contribute to the country's socio economic development,therefore mining legilslation is currently under review, to ensure that the sector creates more jobs and increases its subscription of 10% to the country’s GDP ;upon  this the government requires an increase of 7%  in the 2017/2018 financial year

In its bid to make changes that will sponsor socio economic development,  the government is to replace the Mines and Minerals Act of 2005 with the 2017 Bill ,which is currently at a consultation stage

The bill will introduce the establishment of  a National Mining Corporation, a Mining Authority,an Inspectorate of Mines and a  Lesotho Diamond Centre,nevertheless this bill requires a minimum capital of M100 million,which most Basotho aspiring to engage into the sector ,evidently do not have.

On top of this, the government demands M50 million for processing and beneficiation and the right to hold shares at the minimum of 25% and to have free carry interests of those shares, on any mineral mining venture, except in small scale and artisanal mining ventures.



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