Zimbabwe to seize platinum mines

Zimbabwe will seize control of foreign-owned platinum mines in the country without paying for them, a government minister has said.

6 AUGUST 2013  Platinum Today

Saviour Kasukuwere, the minister in charge of the government’s indigenisation policy, said Zimbabwe “will not pay for her resources”, according to Bloomberg.

“If they don’t want to follow the law that’s their problem,” he added, explaining that non-compliant mine owners could lose their licence.

Robert Mugabe, who controversially won bitterly contested elections this week, had already indicated earlier this year that the government may simply take ownership of mines.

Originally, the government had said it would finance the indigenisation policy, which forces foreign mine owners to hand over a 51% equity stake in their operations to local black investors, by paying for shares.

Anglo American Platinum and Impala Platinum, the world’s two largest producers of the metal, both have operations in Zimbabwe.

“We want to welcome investors, as long as it’s in partnership with our people,” added Kasukuwere. “It’s a logical economic plan that has been put forward by our party for Zimbabweans to achieve greater benefits from their resources. Forty-nine percent is a huge part of the cake.”

Markets greeted Mugabe’s victory with consternation. The Zimbabwe Stock Exchanged plunged 11% on Monday, the first day of trading after victory was confirmed for the president, while the mining index slipped two per cent.

Zimbabwe to Seize Mines While Compensating Banks (06/08/13)

via Platinum Today: Zimbabwe to seize platinum mines.

COMMENTS

WORDPRESS: 7
  • comment-avatar

    While the ingidinization is noble it must not be personal. There must be rarionality in its implementation. Why would it be a suicidal implementation. As we speak nothing is well within our economy, the very sectors that we seek to indiginise are not performing to our expectation.
    Going back to the formulation of the indiginisation policy, I think whoever crafted the policy neglected some important stages that of stakeholder consultation. The implementation part of the policy is not supposed to be a difficult task. As we move forward there is need for the indigization policy to be refined so that it takes into account of the varied circumstances that different companies are found in. Statements of raking over without paying for someone’s innitiatives are very unfortunate to our economic environment.
    Please let us not be personal on issues of national interest.

  • comment-avatar

    You wonder what type of progress the ZANU- PF Gvt think its persuing. It defies all logic that in a country where there are untapped resources u find the government wanting to take a stake in Company A. Why not start a new mine, a platinum processing plant, Energy generating plant,(tirikushaya magetsi). Its folly just to look at well run companies and eventually run them down. Think of ZISCO, AA Mines, CSC, Matebeland water project, Mat North gas project, Abundant water in the lowveld of Zimbabwe, Speed trains and deconjesting Harare. They don’t see all those new opportunities but just the Platinum mines. How amny people can be employed in new projects! plenty yet vanoda kukama pavasina kana kuisa cent. Huroyi chaihwo! SHAME!!!

  • comment-avatar
    The Black Aristocrat 7 years ago

    ‘Why not start a new mine, a platinum processing plant, Energy generating plant,?’

    Because they do not have the talent, ability or integrity to run a successful business in a competitive marketplace.

    This is why they despise successful business people even more than Zimbabweans who refuse to vote for them!

    Nigeria is extremely wealthy by African standards due its Oil and Gas industry, which is responsible for 80% of its income, yet because of endemic corruption by the political elite, more than 85% of the population live in abject poverty on less than $1.5 a day.

    Mark my words, if Zanu PF’s partisan judges allow them to keep yet another stolen election, like the Nigerians, the poverty stricken lives of the average Zimbabwean will not change at all – the so called riches of indigenisation will go no further than the shameless, ill educated criminals at the top of the Military Dictatorship.

    With Mugabe and many of his cronies already full members of the SLB – State Looter Billionaires Club, you would think they would have enough money, sadly as Zimbabweans will find out over the next five years, their greed will continue to know no bounds.

    If you value your health and wealth, trust them at your peril!

  • comment-avatar
    nesbert majoni 7 years ago

    You know what Black Aristocrat, you are right. Even if the MDC are going to present credible, tangible evidence to this concourt which is staffed by zanu pf sympathisers the outcome is already known before we even start the process. I think its just a formality.But the bottom line is zimbabweans are going to suffer again for the coming 5 years.

    • comment-avatar
      reason 7 years ago

      the known outcome was expressed by the majority of zimbabweans on 31 jul 2013. the rest is puppet stuff.

  • comment-avatar
    MikShe 7 years ago

    “We want to welcome investors, as long as it’s in partnership with our people”. ha!ha!ha! “Our people” meaning who precisely ? Those within the zanupf government and their ar*e kissers no doubt.

  • comment-avatar
    ian smith 7 years ago

    Can ZANU-PF people please explain why we have to take away companies then run them down to the gound? Why is it not possible for ZANU-PF to initiate its own companies and run them. What we have seen to date is the take over of companies followed by looting and then closure. At the end of the day it is the ordinary man who suffers while the well connected and powerful are overfed and wish they coul;d buy a tenth life to enjoy all their ill gotten wealth. The bottom line is that if history is anything to go by we Zimbabweans are going to suffer terribly. Despite the “resounding success” of the land reform program we are unable to feed the nation, we have to import lots of beef, milk, soyabeans etc. When all is said and done history is most unlikely to be very kind to Mugabe’s policies, generations down the line things will fall apart. To the bootlickers, please enjoy the suffering os the majority while you can and encourage your kids to follow your path but sadly at the rate we are going there will be nothing to steal in a few years time.