Invictus pushes for expansion of claims

TINASHE MAKICHI IN VICTORIA FALLS

Australia Stock-Exchange listed oil and gas exploration company, Invictus Energy, is pushing for the expansion of its claims by 10  times, Business Times can report.

Currently, the size of its special mining  grant in the Muzarabani prospects is 100 000hactares (ha).

Now, its seeking its expansion of the area.

Speaking at the on going Chamber of Mines Zimbabwe annual conference in the resort town of Victoria Falls, Invictus country manager, Brent Barber  said: “There is need for an extension on the size of the special mining grant and at the moment we are currently sitting on 100 000ha ground. An extension of 5-10 times of that size will be great.”

Commenting on Invictus request, Mines and Mining Development Deputy Minister Polite Kambamura said the proposal  was noble but there was need for further discussions.

“We have heard the plea by Invictus and we will have to sit down and discuss. But they will have to make an application,” Kambamura said.

Invictus also said government should provide favourable rebates on critical  imported materials and equipment.

Chief director for value addition and beneficiation in the Ministry of Mines and Mining Development,Mercy Manyuchi  said her ministry has been engaging the  Ministry of Finance and Economic Development over the matter.

“This facility is open to everyone and it is not centred only on oil and gas. We are in constant engagement with Ministry of Finance and Economic Development on this facility,” Manyuchi said.

She further noted that government is coming up with a mineral specific policy that will address issues in the oil and gas industry.

“The mineral specific policy will address all issues within the oil and gas industry together with the whole oil and gas value chain,” she said.

Speaking at the same conference, Tafadzwa Masukume from Manonokore Attorneys who are structuring the profit share agreement between Invictus Energy and government said there was need for a consistent and reliable legal framework for the oil and gas industry to take off.

Ends///

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