Business / Companies
Zimbabwe empowerment proposal still on track: New Dawn Mining
15 Jul 2011 at 00:54hrs | Views
New Dawn Mining Corp on Thursday disputing media reports the Zimbabwe government has rejected its empowerment proposals, saying it is "continuing to engage in confidential discussions with relevant Government authorities" over various aspects of the plan.
New Dawn also said the Zimbabwe Competition and Tariff Commission has reviewed and unconditionally approved the company's acquisition last month of a controlling interest in Central African Gold.
New Dawn is continuing to engage in confidential discussions with relevant Government authorities in Zimbabwe as to various aspects of its Plan. As a result of the Company's acquisition of a controlling interest in Central African Gold on June 16, 2010, the Zimbabwe Competition and Tariff Commission reviewed and approved the transaction unconditionally.
New Dawn's continuing discussions with Government authorities are focused on obtaining approval for an equitable Plan acceptable to the key stakeholder groups. The Company will provide further information to shareholders as and when such discussions have been concluded, or when developments otherwise warrant.
Zimbabwe has been requiring foreign-owned companies operating in the African nation to develop Indigenisation Plans, giving local employees a greater role in company business. The Herald, a government-sponsored publication, yesterday reported New Dawn's indigenisation plan was rejected because it did not meet certain regulatory requirments. The Herald also said New Dawn's acquisition of local assets similarly was on hold, citing documents it had seen.
New Dawn also said the Zimbabwe Competition and Tariff Commission has reviewed and unconditionally approved the company's acquisition last month of a controlling interest in Central African Gold.
New Dawn is continuing to engage in confidential discussions with relevant Government authorities in Zimbabwe as to various aspects of its Plan. As a result of the Company's acquisition of a controlling interest in Central African Gold on June 16, 2010, the Zimbabwe Competition and Tariff Commission reviewed and approved the transaction unconditionally.
New Dawn's continuing discussions with Government authorities are focused on obtaining approval for an equitable Plan acceptable to the key stakeholder groups. The Company will provide further information to shareholders as and when such discussions have been concluded, or when developments otherwise warrant.
Zimbabwe has been requiring foreign-owned companies operating in the African nation to develop Indigenisation Plans, giving local employees a greater role in company business. The Herald, a government-sponsored publication, yesterday reported New Dawn's indigenisation plan was rejected because it did not meet certain regulatory requirments. The Herald also said New Dawn's acquisition of local assets similarly was on hold, citing documents it had seen.
Source - NewDawn
