Zimbabwe's mining firms: we'll sell 26%
CBJ – March 11 – The Chamber of Mines of Zimbabwe said the nation's miners are willing to sell 26 per cent stakes to local owners as part of the Zimbabwean government's nationalization plan, Reuters is reporting.
“The sector committee on indigenization in mining recommended a threshold of 26 per cent, which is what the chamber is comfortable with,” Chambers of Mines President Victor Gapare told the news agency today.
Earlier this week, the country's minister of youth empowerment and indigenization, Saviour Kasukuwere, said Zimbabwe's mine ownership rules would be published today, and the new regulations would be in effect within a week.
However, Zimbabwe's Prime Minister Morgan Tsvangirai said yesterday that regulations that would see foreign companies nationalized have not yet been drawn up by Zimbabwe's cabinet, nor had specifics been agreed upon regarding a sovereign wealth fund to buy 51 per cent of mining firms, despite the minister's earlier statements.
That confusion is the big problem, Gapare said.
“Government must stop flip-flopping on this issue and come clean once and for all,” he said.
The pending regulations will likely wrest control of mines held by the likes of Anglo Platinum Ltd., Impala Platinum Holdings Ltd. and Rio Tinto Group.
According to Kasukuwere, mining companies only paid US$4 million in taxes on $1.7 billion in mineral exports last year – nearly 30 per cent of Zimbabwe's annual gross domestic product.
More Business News
- Top 41 oil players push through to January-planned mass auction of Iraq oil reserves contracts
- Have you booked in for Petrochem Arabia? October 9-11 promises industry-wide converge
- Petroleum Development Oman awards contract for solar steam oil tech regional first play
- IKEA is flying Solar
- Diggers & Dealers delivers plenty of news
- BP bomb detonation work shuts down key production pipeline for U.K companies
- Walmart seafood deal set to net profit
- Mooncor Announces Shares for Debt Transactions and Settlement With Convertible Debenture Holders
- NWest Energy Announces Management and Board Changes
- Enterprise Group, Inc. Announces Closing of a Specialized Underground Infrastructure Construction Company
- New Zealand Energy Amends Deal Terms, Finalizes Sale and Purchase Agreement Related to the Acquisition of Assets from Origin Energy, Identifies Substantial Oil and Gas Reserves and Resources
- PHX Energy Services Corp. Announces June 2013 Dividend
- Caspian Energy Inc. Announces Additional Funding For On-Going Exploration and Testing of Wells
- Fraser Institute: Obama's Green Agenda and U.S. Oil and Gas Boom Pose Hurdles for Canadian Energy Exports