https://www.miningweekly.com

Zimbabwe to scrap platinum, diamond mine ownership rules

15th March 2019

By: Bloomberg

  

Font size: - +

Zimbabwe Finance Minister Mthuli Ncube has said a rule requiring local investors to control platinum mines will be scrapped and foreigners will be allowed to own 100% in a bid to revive investment.

“We are removing that indigenisation rule, which is discouraging foreign direct investment,” Ncube said in an interview with Bloomberg Television in Washington. “We say Zimbabwe is open for business; you can only be open if you allow ownership of 100%.”

The new rules could be extended to diamond mining, Mines Minister Winston Chitando said in a separate interview last week. The change to policies introduced by former President Robert Mugabe will increase the appeal of Zimbabwe to the world’s top platinum producers, including Anglo American Platinum, and could generate interest from Russian diamond miner Alrosa PJSC.

Abandoning the requirement to transfer a 51% stake to locals is part of wider efforts to stimulate the Southern African nation’s economy. President Emmerson Mnangagwa has sought to water down some of the contentious rules of his predecessor as mining investment decreases.

Zimbabwe holds the world’s second-largest known reserves of platinum- group metals after South Africa, as well as substantial deposits of gold, diamonds, lithium, iron-ore, coal, chrome and nickel. The changes to the ownership rules would need to be ratified by Parliament.

Impala Platinum Holdings, one of the biggest mining investors in Zimbabwe, was waiting for formal announcements regarding the changes, said spokesperson Johan Theron.

“We remain encouraged by ongoing efforts by government to open the economy to investment and growth,” Theron said in an emailed response to questions.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.106 0.141s - 88pq - 2rq
Subscribe Now