Mugabe, friends to seize foreign mines

2013-04-23 21:36

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories


Zim church predicts Mugabe victory

2013-04-23 09:54

Leaders of the Apostle Church have predicted that President Robert Mugabe will be victorious in the upcoming elections. Watch.WATCH

Harare - Zimbabwe plans to seize majority stakes in foreign owned mines without paying compensation in a pre-election move that could heighten tension in the unity government and spook investors, a document showed on Tuesday.

A notice issued by the indigenisation ministry headed by Saviour Kasukuwere, a member of President Robert Mugabe's Zanu-PF party, said the "ministry and the government of Zimbabwe would like to revise materially, the policy and law on indigenisation and empowerment".

"The motivation for this position arises out of the desire to see that the people of Zimbabwe benefit fully, without cost whatsoever, from enterprises that exploit their God-given natural resources."

The current mandatory black ownership policy, passed in 2007 demands that 51% of shares in foreign owned companies be ceded to locals.

The latest proposals are likely to raise tensions between Mugabe's party and the Movement for Democratic Change of Prime Minister Morgan Tsvangirai - the two parties in the uncomfortable power sharing government.

MDC's Tongai Matutu, who is also deputy to Kasukuwere, described the plans as "outrageous".

"These proposals should not find themselves in our statutes," said Matutu.


He said chances of parliament passing the proposed amendments were slim as Zanu-PF has no parliamentary majority.

"I would not expect any MP [member of parliament] worth his salt to endorse these proposals. They are completely outrageous."

The new plans come ahead of crucial elections to end the power sharing government. In December last year Mugabe told his party conference that the black ownership rate of 51% should be upped to 100%.

Government has already started implementing the controversial indigenisation law so far targeting a platinum mine and banks. It argues that the policy would reverse imbalances created during colonial rule.

Prime Minister Tsvangirai has been opposed to the indigenisation regulations which he says scare away desperately needed foreign investment.

The plans by Zanu-PF are seen a campaign tool ahead of polls later this year whose date is not yet known.

Read more on:    robert mugabe  |  zimbabwe  |  zimbabwe elections 2013  |  southern africa

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X 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
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


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 network.


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.