Mugabe rules out exception for foreign firms

via Mugabe rules out exception for foreign firms — Nehanda Radio  DECEMBER 9, 2013 

Zimbabwean President Robert Mugabe said Sunday that no sector would be spared from the indigenisation law, quashing media reports that platinum miners could be exempted from the rule if they establish a refinery.

Zimbabwe’s law enacted in 2010 requires foreign businesses operating in the country to cede at least 51 percent of the share-holding to black Zimbabweans. Implementation started first from the mining sector, a pillar to the country’s fragile economy, Xinhua reported.

There will be no exception in the 51/49 indigenisation threshold which seeks to give Zimbabweans greater control in foreign companies operating in the country, said Mugabe, addressing mourners at a senior military offical’s burial.

“I have heard in some quarters that there can be exceptions but I am saying no. We are saying 51/49 percent. It’s very clear, that is our stand,” he said.

Platinum miners could have a lower indigenisation threshold if they build platinum refineries in the country since Zimbabwe currently sends platinum ore to South Africa for processing, Mines minister Walter Chidhakwa was recently quoted as saying in the media.

Platinum miners in Zimbabwe argue that it is not yet viable to establish the refinery as less than 500,000 tonnes is currently produced in the country. Business Standard

 

COMMENTS

WORDPRESS: 15
  • comment-avatar

    So why is the master criminals terrorist cabal now begging from u.n.and eu and the west. Half donkeys half baboons

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    African 8 years ago

    ‘Resentment is like drinking poison and hoping your enemy will die from it” Nelson Mandela

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    Nyoni 8 years ago

    Wena Mugabe do the right thing for all of us and retire. The world will be a better place.

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      bingo wajakata 8 years ago

      Retire, why wish him something so nice. I personally wish he would die and be cremated and his ashes thrown in a pit latrine in Uzumba-Marambapfungwa!

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    Love and forgive those who despitefully use you and by doing so you will heap burning coals on his head. I truly pray that Mugabe would wake up and see he light before it is too late. Is there not even a smidge of the character that was in Madiba in our old man. So much bitterness! So much hate! please God have mercy on Zimbabwe1

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    Pianki 8 years ago

    Actually I think the ration should be higher like 3/5 ths or 60% to Zimbabweans.Start at the 51% to progress to complete ownership within a given amout of time. Lets tax the proceeds from the operations to fund other development like training facilities and other critical areas.

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      Garikayi 6 years ago

      Pianki you are obviously part of the “lost generation” created by this regime with your uneducated comment.

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    Pianki please think about what you are saying. Even at the 51 / 49 % who would want to invest in Zim. Would you? You cannot attract foreign investment with such ridiculous demands. We must stop being so greedy by demanding that the land belongs to us and not do anything with it. Let “people ” whoever they are be productive in the land of Zimbabwe. It will benefit everyone.

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    Michael 8 years ago

    Indigenisation policy = racist apartheid policy, end of story.

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    As long as you have misguided people like Pianki who think that being a parasite on someone elses hard work is a sound idea you have a big problem.

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    A thief is a thief no matter how he tries to disguise himself

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    Imagine reaping where one has not sowed, and imaging doing so 33 years after stating we are free democratic non racial society. Talk about deceit, desperation and so much more. Show me how you behave and I will tell you who you really are. In this case thief thief thief !!!!!!!!

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    IAN SMITH 6 years ago

    Mugabe is a Malawian he is out to destroy Zimbabwe, WE NEED NO MORE CONFIRMATION NOW DO WE.

    “I declare this road called Robert Mugabe Highway officially opened,” the(Malawian) leader said at the ceremony in Limbe, a satellite town to Blantyre.

    Please people BOOT THIS NUMB SKULL OUT AND elect a ZIMBABWEAN ENOUGH IS ENOUGH.

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    chimusoro 6 years ago

    We are lucky to have had Mugabe, an elder statesman who has established an African identity for us and crushed remnants of colonial barbarism.

    • comment-avatar
      Zambezi 6 years ago

      Hmmm….. “African Identity”…. What, so we are saying to the world that an African Identity consists of unemployment / poverty / corruption / genocide / thievery…. That is a “FANTASTIC” image to give to the world.

      Shamwari…. you are a very blind man. I feel sorry for your family.