News / National
Zimbabwe not paying for 31 percent stake in mining companies - Kasukuwere
22 Mar 2012 at 09:54hrs | Views
Government says it is not going to pay anything to acquire the 31% stake in mining companies under the indigenisation drive as the natural value of the mineral resource being extracted is its contribution.
In an interview with ZBC News Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said the mineral resources that are being mined by these multinational companies are what government is offering on the table and does not have to pay anything.
Under the Indigenisation and Economic Empowerment act all foreign-owned companies with an asset value of $500 000 and above are supposed to cede 51% to locals.
Of the 51%, at least 10% is meant to be acquired by employees under the employee share ownership scheme and another 10% is to be transferred to the immediate community under the community share ownership scheme.
In an interview with ZBC News Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said the mineral resources that are being mined by these multinational companies are what government is offering on the table and does not have to pay anything.
Of the 51%, at least 10% is meant to be acquired by employees under the employee share ownership scheme and another 10% is to be transferred to the immediate community under the community share ownership scheme.
Source - zbc
