News24

Confusion over Zim mine nationalisation

2012-04-07 09:58

Harare - Zimbabwe will not nationalise foreign mining companies that have yet to comply with a law requiring them to cede a 51% stake to locals, the economic planning minister said on Friday.

"It is not a cabinet position to expropriate or nationalise companies," Tapiwa Mashakada told a news conference in Harare, only one day after a rival minister insisted the government could take such action.

"That is null and void, that is not a collective position of cabinet. These are the investors we must look after, they must be given time to comply and not just hurry them up," Mashakada said.

The issue is highly sensitive and officials have taken contradictory positions, confusing the outlook for a key sector of the economy.

Investment, job creation

Long-ruling President Robert Mugabe has threatened to nationalise foreign firms that do not comply with the regulations while Prime Minister Morgan Tsvangirai, his rival in a three-year-old unity government, has said the law hurts investment and job creation.

Indigenisation Minister Saviour Kasukuwere, a Mugabe ally, on Thursday said the government was taking over mines that have not met the requirement but then backtracked to say that this was only meant to encourage them to comply with the law.

Mashakada, a Tsvangirai ally, insisted on Friday that foreign investors were safe.

"I want to assure all the companies who have invested in Zimbabwe and who are to invest in Zimbabwe that the government will not expropriate or nationalise their assets," Mashakada said.

The largest foreign miners in Zimbabwe have already reached deals with the government.

These include Unki, owned by the world's largest platinum producer Anglo American, and Zimplats, the local unit of number two producer Impala Platinum.

Comments
  • Anthony - 2012-04-07 10:31

    shame---these people are a disgrace---and like gravity it will move down the continent of africa untill it gets here

      John - 2012-04-10 16:23

      hope bob wont see the outcome here

      Thami - 2012-04-18 11:35

      @procold2-whether he sees the outcome or not is irrelevant. Good thing about Zimbabwe is we talk and act. The wheels are in motion as we write.

  • mlucejko - 2012-04-07 10:35

    The Goose that laid the 'Golden Egg' died many years ago !! Now the vultures have only got 'bones' to fight over !!

  • Den - 2012-04-07 11:02

    atleast not untill they have another brain fart and change their minds.

  • Glenn Van T Riet - 2012-04-07 11:09

    Well can't they offer Malema a spot somewhere? Sound like his sort of legacy!?....

  • emujera - 2012-04-08 17:58

    The Inclusive Government of National Cofusion!

  • emujera - 2012-04-08 18:01

    The Inclusive Government of National Confusion!

  • Thami - 2012-04-18 11:24

    The confused ones are MDC and its followers. And this is where MDC gets everything wrong. This is a ZANU PF policy and MDC on behalf of their masters are trying to demonise it. ZANU PF knows exactly what they are doing and we the people are behind them and supportive . T

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