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Mnangagwa liberalises all mining investments

by Staff reporter
17 May 2019 at 06:23hrs | Views
GOVERNMENT has liberalised all mining investments including the diamond and platinum sectors after it scrapped the previous indigenisation regulations, which drove away investors, President Emmerson Mnangagwa said yesterday.

He was clarifying perceived myths about the indigenisation policy following request for clarity during a briefing here with Anglo American Platinum executives on the sidelines of the commissioning of the Unki Mines $62 million smelter plant.

President Mnangagwa explained that his administration had removed all bottlenecks around the previous empowerment policy, which was a headache to many investors under former President Robert Mugabe era.

"When we were having a briefing earlier on, Unki management raised the issue indigenisation and in particular with regards to platinum. It is true that when we changed policy on indigenisation we said platinum and diamond will remain until a new policy relating to those two minerals is pronounced.

"We did so last year in September and October, possibly the Unki management did not catch up with events. Platinum and the diamond sector are also now affected by the scrapping of indigenisation regulations," said President Mnangagwa amid applause.

"We have liberalised investment and there are no restrictions on shareholding in the mining sector by foreign investors. This, therefore, means that in the mining sector foreign investors have unrestricted shareholding. We would like free partnerships as outcomes of negotiations between investors and other local partners. Investors are also free to choose to partner locals on mutually beneficial and agreed conditions."

President Mnangagwa said his Government remains committed to working closely with the private sector and other partners for the sustainable development of the whole value chain industry in the mining sector and other key segments of the economy. As such, he said the new dispensation will continue to implement a raft of measures and institute reforms aimed at reducing the cost of doing business.

"This includes creating a more favourable investment climate by removing bottlenecks that undermine inflow of capital. As you are all aware global capital goes to where it feels comfortable," said President Mnangagwa.

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Source - the herald

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