Zimbabwe

Zimbabwe to nationalise all mines

2010-12-09 22:20

Special Report

Commission to probe factions diving Mugabe’s Zanu-PF
Commission to probe factions diving Mugabe’s Zanu-PF

Zimbabwean President Robert Mugabe will set up a commission to probe allegations of factionalism threatening to divide his Zanu-PF party ahead of an elective congress in December, the party spokesperson says.

Harare - The government of Zimbabwe plans to nationalize mining activities, taking 100% of alluvial diamond mining and 51% of other minerals, a cabinet minister was quoted on Thursday as saying.

Indigenisation and Empowerment Minister Saviour Kasukuwere was quoted in the state-owned Herald newspaper as saying that the cabinet of the country's coalition government agreed "unanimously" on Tuesday to the new measures.

They would take effect as soon as official regulations were published, Kasukuwere said. No confirmation from other senior officials was immediately available.

He was also quoted as saying that "all new projects in the mining sector are expected to comply with the above requirements of the law," which analysts said perhaps suggested that existing mines would not be affected.

Mining is Zimbabwe's largest source of income, dominated by a $1.5bn platinum complex owned by South Africa's Impala Platinum, the biggest producer in the world.

The country also has several foreign-owned gold mines as well as ferrochrome and diamonds.

Marange

The Marange diamonds fields in the east have been plagued by charges of human rights abuses and looting by the army and government officials.

There are currently about eight operators licensed to mine the 60 000ha fields, none of them major international producers.

Finance Minister Tendai Biti has frequently complained that the state receives only "peanuts" from Marange.

After eight years of catastrophic economic decline, Zimbabwe's economy began growing again last year following the establishment of a power-sharing government between President Robert Mugabe and former opposition leader, Morgan Tsvangirai, who is now prime minister.

The mining industry was the fastest growing sector of the economy this year, recording 47% growth.

- SAPA

Read more on:    impala platinum  |  robert mugabe  |  morgan tsvangirai  |  zimbabwe  |  southern africa  |  mining

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
14 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

It's Flash Sale Friday – one day only!

Buy 3 & get the cheapest 1 FREE: On selected DVDs, Blu-rays, series and music. While stocks last. Shop now!

Save up to R2100 on electronics! – As seen in the catalogue

Wishing for tech gadgets this festive? Save up to R2100 on hot tech products at kalahari.com. While stocks last. Shop now!

TV Series – 2 for R299

Loads of hot titles to choose from. Shop now!

Hot offer: Up to 50% off irons

Save up to 50% on all Philips irons. While stocks last. Shop now!

Seen something you like in our catalogue?

Find the perfect gift and save up to R5000 – As seen on the catalogue. Hurry and shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

There may be some tension that is caused through social conflicts -- personal interests versus obligations. You may feel an...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.