The Zimbabwean government has released its Medium Term Plan, which includes the goal of finalizing the Mines and Minerals Amendment Act by the end of 2011. The Plan would be in effect from 2011 to 2015 and would encourage investor-friendly legislation and ensure the profitability of the country's natural resources, Zimbabwe's The Herald has reported.

Mining is viewed as a major force in Zimbabwe's future economy. It is expected to grow by 44% this year, raising the country's economic growth by 9.3%.

The new amendment would create a "use it or lose it" policy that would put an end to speculative holding of claims. It would make undeveloped properties prohibitively expensive for mining companies. It would also include a review of the administration of mining titles, and it would reform the Mines Affairs Board. The new system is intended to guarantee security of tenure and the most effective environmental management.

The Medium Term Plan would halt the Zimbabwe Mineral Policy by the end of this year, and in its place would adopt the internationally accepted Extractive Industries Transparency Initiative (EITI). The EITI includes benefits like an improved investment climate, bolstered accountability and good governance. It also creates revenue transparency and increases publicly available information. The plan would boost mineral value addition, creating opportunities to work with extracted commodities instead of exporting them raw. Such activities would include diamond cutting, polishing and processing.

The economic blueprint would bring more revenue to the government from mining activities, via royalty fees. However, it would also bring benefits to local communities by emphasizing corporate social responsibility. In addition, heavy stress would be placed upon environmental management practices in order to ensure that mined areas are not left destroyed and depleted.