On 9 February 2024 the Government of Zimbabwe promulgated Statutory Instrument 15 of 2024, which exempts the supply of certain goods and services and the importation of certain goods from the payment of Value Added Tax (VAT). This Statutory Instrument amended the Value Added Tax (General) Regulations, 2003 (Statutory Instrument 273 of 2003).
Our Projects and Finance Practice lawyers form a key part of our firm’s service provision, as we have expertise in a wide range of banking and finance disciplines, including revolving and term loan facilities, syndicated loans, debt and equity finance, mezzanine finance, debt capital markets and security.
To this end, our firm advises various clients on numerous aspects of financing - including asset finance, debt finance, agricultural finance, real estate finance, trade and commodity finance, structured finance and financial services regulatory- across a broad range of sectors. We share knowledge and skills in deals involving, for example, lending and borrowing, debt securities, derivatives, funds, portfolios and fintech solutions, as well as energy, infrastructure, transport matters and other projects.
With a large team of dedicated finance and projects lawyers in Zimbabwe and an established presence in Africa, we help our clients to realize and develop their financial strategies and projects in whichever markets they do business.
Experience has included advising:
- Zimborders, who was awarded a USD240 million project following a competitive bidding process and engaged Manokore Attorneys as its lead legal advisors in Zimbabwe. We assisted with reviewing Zimborders’ feasibility study required by the Government of Zimbabwe. The project also involves bi-lateral country cooperation between Zimbabwe and South Africa with respect to tariffs to be charged once the new border post is completed.
- Invictus Energy in respect of their acquisition of a controlling interest in a Zimbabwean hydrocarbons company which holds a Special Grant for the exploration of hydrocarbons, in respect of the development of resource deposits, and the evaluation of the geophysical and geotechnical composition of the mineral resources owned by the target.
- EMC Continental Zimbabwe (Private) Limited on the acquisition of a participating interest in a solar PV power generation project in the Middle Sabi region of Zimbabwe.
- A DFI on a phased development of a 15 MW solar PV Project in Zimbabwe. Our mandate included conducting of a due diligence investigation on the local project company, bankability review of PPA, EPC and O&M contracts, advising on local regulatory landscape as well as assisting with general on-going legal transaction support.
- TelOne, the biggest fixed telecommunication provider on PPP engagements (in terms of the Joint Ventures Act [Chapter 22:22] of Zimbabwe) in the deployment of Fibre to the Home Broadband Access Infrastructure Project.
- The African Development Bank on a USD25 million trade line of credit to Central African Building Society (CABS).
- A regional financial institution on its subscription for a portion of a USD100 million bond issued by Zimbabwe National Road Administration in respect of an Emergency Road Rehabilitation Bond.
- Investec Bank Limited in respect of a debt restructuring with a chrome company with interests in Zimbabwe, including registering security for the debt restructuring, reviewing and advising on the transaction documents (facility agreements, security documents and resolutions), and advising on various regulatory and legal aspects of the local entities in Zimbabwe.
- Highlight deal Adviser (IFLR1000 Energy and Infrastructure 2017)
- Ronald Mutasa has been ranked for 2 consecutive years (IFLR1000 Individual Lawyer Awards)
- Rainor Robinson has been ranked for 2 consecutive years (IFLR1000 Individual Lawyer Awards)
The recent introduction of the Securities and Exchange (Licensing of Minerals Commodities Trading Participants on the Victoria Falls Stock Exchange) Rules, 2024 and the Securities and Exchange (Victoria Falls Stock Exchange Mineral Commodities) Rules, 2024 marks a pivotal moment not only for Zimbabwe but for the entire Sub-Saharan African region. These regulations have laid the groundwork for the trading of minerals and commodities on the Victoria Falls Stock Exchange (VFX), which is traded in United States Dollars, opening up a new frontier for entrepreneurs, investors, and the broader economy.
Introduction When US President Joe Biden, announced the ending of the Zimbabwe sanctions program, a wave of euphoria quickly spread across the country. The lifting of sanctions provided renewable energy investors with access to the previously closed international capital markets. Many projects were struggling to reach financial close as funders were unwilling to risk inadvertently violating US sanctions by financing Zimbabwean projects. While sanctions opened up international markets, Basel III Endgame could spoil the party for the over 100 Independent Power Producers (“IPP”), who are licensed to generate electricity in the country but are failing to obtain financing.
The power challenges in the Southern African region have dominated the news in recent times. The region has ambitious energy transition goals, a mammoth challenge coupled with rapid population growth, economic development, and mining industry expansion, This article, will explore some of the issues and opportunities that arise from this complex situation and how mining companies can achieve their set extractive targets whilst committing to sustainable mining practices that underpin clean energy objectives.