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Zimbabwe to revisit mines' foreign ownership laws

by Staff reporter
20 May 2013 at 06:08hrs | Views
Mines deputy minister Gift Chimanikire said Zimbabwe will look to revisit laws that restrict foreign ownership of mining licenses in the next two to three months, but will not seize mine assets from foreign investors.

He said a review of the current so called "indigenisation" law will take place after presidential elections in.

Indigenization law has forced miners like Anglo American Platinum and Aquarius Platinum to show how they'll sell or cede control to black Zimbabweans or the state's National Indigenization and Economic Empowerment Board.

Meanwhile, while Zimbabwe has intensified efforts to have its minerals, particularly diamonds, further processed before export, licensed gem polishing and cutting firms have dwindled from 29 to one this year due to exorbitant licence fees.

Diamond Beneficiation Association of Zimbabwe chairperson Richard Mvududu said licence fees have increased five-fold to $100 000 from $20 000 per annum since 2007.

Source - news