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Mugabe want Zimplats to build a refinery in Zimbabwe
14 Oct 2011 at 07:23hrs | Views
President Mugabe yesterday officially launched the Chegutu-Mhondoro-Ngezi-Zvimba Community Share Ownership Trust and urged foreign investors to respect government's policy to economically empower indigenous people.
Mugabe said platinum comprises other minerals including gold, but he wonders how much of those by-products have come back to Zimbabwe. He asked Implats to build a refinery in Zimbabwe.
Yesterday's launch at Zimplats is the first such Community Share Ownership Trust in the country.
The trusts are a vehicle for broad-based participation in shareholding in businesses by communities living in areas where the companies exploit natural resources. Proceeds from such participation are used for the provision of social and economic infrastructure to communities in line with their priorities.
Under the scheme, Zimplats gave 10% shareholding to the local community. It also offered $10 million to the local community to be disbursed over a 3-year period. The President emphasised that proceeds from community share ownership trusts must be properly accounted for and used in projects that benefit communities.
President Mugabe said the indigenisation and empowerment laws were not intended to stifle foreign investment. He said the economy could not grow if it excluded the participation of the majority.
"I am sure that the communities covered by this Zimplats Trust will derive greater benefit from the developments envisaged by Zimplats for the future.
I believe this would include the local beneficiation of platinum through the construction of a refinery," he said.
"We would want to see a refinery here. You want to refine our platinum in South Africa where we do not see what is happening so that you can keep the by-products to yourself. Our experts say there are various by-products from the refinery process," he said.
"It (platinum) comprises other minerals including gold, but I wonder how much of those by-products have come back to us. We want transparency. It is not just in politics where people should be transparent, but also in business. We are not suggesting that you are dishonest. We are saying let there be a refinery here," President Mugabe said while addressing Zimplats chairman David Brown.
He told Brown that the economic empowerment programme was not a takeover of Zimplats.
"Go tell your shareholders that we do not intend to take over. Mugabe is not very much of a saint in some circles in South Africa. He is quite a devil in Europe and America. We are only saying what is in Zimbabwe is what God gave us. That's ours and that is what Mugabe is saying," the President said.
He reiterated that foreign companies were free to come into Zimbabwe and form joint ventures with locals. Government has since approved the Marange Community Share Trust and other trusts were being considered.
Mugabe said platinum comprises other minerals including gold, but he wonders how much of those by-products have come back to Zimbabwe. He asked Implats to build a refinery in Zimbabwe.
Yesterday's launch at Zimplats is the first such Community Share Ownership Trust in the country.
The trusts are a vehicle for broad-based participation in shareholding in businesses by communities living in areas where the companies exploit natural resources. Proceeds from such participation are used for the provision of social and economic infrastructure to communities in line with their priorities.
Under the scheme, Zimplats gave 10% shareholding to the local community. It also offered $10 million to the local community to be disbursed over a 3-year period. The President emphasised that proceeds from community share ownership trusts must be properly accounted for and used in projects that benefit communities.
President Mugabe said the indigenisation and empowerment laws were not intended to stifle foreign investment. He said the economy could not grow if it excluded the participation of the majority.
I believe this would include the local beneficiation of platinum through the construction of a refinery," he said.
"We would want to see a refinery here. You want to refine our platinum in South Africa where we do not see what is happening so that you can keep the by-products to yourself. Our experts say there are various by-products from the refinery process," he said.
"It (platinum) comprises other minerals including gold, but I wonder how much of those by-products have come back to us. We want transparency. It is not just in politics where people should be transparent, but also in business. We are not suggesting that you are dishonest. We are saying let there be a refinery here," President Mugabe said while addressing Zimplats chairman David Brown.
He told Brown that the economic empowerment programme was not a takeover of Zimplats.
"Go tell your shareholders that we do not intend to take over. Mugabe is not very much of a saint in some circles in South Africa. He is quite a devil in Europe and America. We are only saying what is in Zimbabwe is what God gave us. That's ours and that is what Mugabe is saying," the President said.
He reiterated that foreign companies were free to come into Zimbabwe and form joint ventures with locals. Government has since approved the Marange Community Share Trust and other trusts were being considered.
Source - Byo24News
