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Zimbabwe Denies Plan To Seize Foreign Mines Without Compensation

Zimbabwe isn't planning a change to its laws to allow President Robert Mugabe's government to seize control of foreign-owned mines without paying compensation, a senior minister said Wednesday."The ministry has not changed this legislative framework and reports to the contrary are misleading and misguided," said Minister of Youth Development, Indigenisation and Empowerment Saviour Kasukuwere, refuting suggestions that Zimbabwe was planning to amend parts of an existing law which forces foreign-owned firms to sell at least 51% of their shares to locals approved by the government.News agency reports Tuesday had suggested that the planned amendments would see the government taking over majority shareholdings in mines without paying a cent.Zimbabwe, like other African countries such as South Africa, is set on an "empowerment" policy that aims to redistribute colonial-era gains among its majority black population.Mr. Mugabe, who faces re-election later this year, has pinned his bid for anot...

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  5. Zimplats: Zimbabwe Rejects Portion Of Indigenization Plan

    Impala Platinum Holdings Ltd.'s (IMP.JO) Zimbabwean unit, Zimplats Holdings Ltd. (ZIM.AU), said Monday it been given 14 days to make progress in transferring a share...

  6. Zimbabwe Threatens Indigenization Action Against Aquarius

    Aquarius Platinum Ltd. (AQP.LN) said Friday that the Zimbabwe government has rejected its plan to meet the country's indigenization law and threatened unspecified en...

  7. Zimbabwe Rejects Aquarius Indigenization Plan, Threatens Action

    Aquarius Platinum Ltd. (AQP.LN) said Friday that Zimbabwe's indigenization minister rejected its plan this week to meet the country's law requiring foreign miners to...

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