MINERALS INCOME INVESTMENT FUND ACT, 2018
AN ACT to establish a Fund to manage the equity interests of the Republic in mining companies, to receive mineral royalties and other related income due the Republic from mining operations, to provide for the management and investment of the assets of the Fund and for related matters.
DATE OF ASSENT: 3rd December, 2018.
PASSED by Parliament and assented to by the President:
The Minerals Income Investment Fund
Section 1—Establishment of the Minerals Income Investment Fund
(1) There is established by this Act a fund known as the Minerals Income Investment Fund.
(2) The Fund is a body corporate with perpetual succession, and a common seal, may sue and be sued in its corporate name and have in all respects the powers of a body corporate.
(3) The Fund may acquire and hold movable and immovable property, dispose of property and enter into a contract or other related transaction.
(4) Where there is a hindrance to the acquisition of immovable property, the property may be acquired for the Fund under the State Lands Act, 1962 (Act 125) and the cost shall be borne by the Fund.
Section 2—Objects of the Fund
The objects of the Fund are to
(a) maximise the value of the income due the Republic from the mineral wealth of the country for the benefit of its citizens;
(b) monetise the minerals income accruing to the Republic in a beneficial, responsible, transparent, accountable and sustainable manner; and
(c) develop and implement measures to reduce the budgetary exposure of the Republic to minerals income fluctuations.
