Zimbabwe's business law seen enriching black elite

The Zimbabwean government's drive to force foreign businesses to give 51% of their shareholding to locals will benefit the few black elite and must be reviewed, Finance Minister Tendai Biti said on Thursday. The controversial so-called...

South African govt safeguarding Implats as Zimbabwe indigenisation bites

South African major Implats has struck a deal with Zimbabwe that assures the JSE-listed company of fair cash compensation, the prospect of continued unfettered expansion and the potential freedom of the once-empowered, always-empowered advantage,...

Implats’ Zimbabwe compensation unlikely at market rate – Liberum

South Africa’s platinum major Implats, which has reached an enforced in-principle agreement on indigenising 51% of its Zimplats assets, is unlikely to be compensated by the Zimbabwean government at the market rate, mining analyst Liberum Capital...

IMPLATS CONSTERNATION

Zimbabwe Prime Minister and Movement for Democratic Change president Morgan Tsvangirai, pictured in Johannesburg, put distance between himself and the insipid plan of Zimbabwe Indigenisation Minister Saviour Kasukuwere to force South African...

Zim diamond sales to soar, platinum royalty to be doubled

Zimbabwe boosted its revenue estimate for 2012 as diamond sales are set to soar and government doubles royalties on platinum to take advantage of higher prices.

Platinum miner’s expansion plan to soften indigenisation law talks

South Africa-based miner Impala Platinum (Implats) has announced that its Zimplats subsidiary will invest a significant amount of funds in a third expansion that will eventually increase its output to 360 000 oz/y of platinum

Miners meet Zimbabwe deadline on ownership

Mining firms in Zimbabwe have mostly met a September deadline by which they were required to submit plans to transfer a 51% stake in their operations to locals, empowerment minister Saviour Kasukuwere said on Thursday. The heavily criticised law...

Zimbabwe move to localise firms scares investors – PM

Zimbabwe is hurting investor confidence and stalling recovery by promoting a law to force the transfer of foreign-owned firms to local ownership, Prime Minister Morgan Tsvangirai said on Wednesday. President Robert Mugabe, Tsvangirai's partner in...

Miners initiate ‘talks’ amid Zimbabwe indigenisation fallout

A number of mining companies with operations in Zimbabwe have confirmed that they have initiated discussions with the Southern African country’s government after receiving letters on August 17 rejecting their ‘Indigenisation Plans’. Youth...

Caledonia back in talks with Zim govt over indigenisation

Caledonia Mining, the Zimbabwean gold miner, on Monday said it has started talks with the government after Indigenisation and Empowerment Minister Saviour Kasukuwere last week rejected the company’s plan to sell shares to locals. “We have had...

Locals will have a 51% stake in all major businesses – Mugabe

Zimbabwe President Robert Mugabe has insisted that locals will hold a 51% stake in any business venture involving foreign investors in line with the country’s indigenisation legislations.

Zimbabwe anxious to reclaim mining glory, but obstacles remain

Once viewed as ‘The Bread Basket of Africa’, Zimbabwe has had a significant fall from grace since early 2000, when hyperinflation, political instability and the total collapse of the economy deterred investors previously upbeat on...