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 Zim govt seeks 25% stake in mining firms

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Number of posts : 1056
Age : 70
Location : Pretoria - South Africa
Registration date : 2007-10-18

PostSubject: Zim govt seeks 25% stake in mining firms   Mon Nov 19, 2007 2:56 pm

Zim govt seeks 25% stake in mining firms
Harare, Zimbabwe - 19 November 2007 07:12

President Robert Mugabe's government published a draft Bill on Monday
forcing mining firms to transfer majority shareholdings to local owners,
including giving the Zimbabwe government a free 25% stake.

The Mines and Minerals Amendment Bill is expected to be presented to
Parliament and to be approved before the end of the year, and follows
the passing of a general Bill giving 51% stakes in foreign-owned firms
to locals.

Analysts say the latest drive by Mugabe's government is likely to worsen
an economic crisis that has left the Southern African state with the
highest inflation rate in the world at nearly 8 000%, and to discourage
foreign investment.

The world's second biggest platinum producer, Impala Platinum, is the
foreign mining firm with the most operations in Zimbabwe, while
Rio Tinto has diamond interests and platinum firm Anglo Platinum is
developing a mine project in the country.

The general Bill passed in September to give black Zimbabweans
majority stakes in foreign firms did not include a provision for a 25%
government shareholding, as does the current Bill for the mining sector
published on Monday.

In September, South Africa's Implats said it already had agreements in
place that it expected would largely meet the requirements of that first
law. - Reuters

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