Wednesday, March 08, 2006

Mugabe plans to grab mines: India, South Africa involved

...Zimbabwean sources stated that Zimbabwean Minister of Mines Amos Midzi had revealed that a draft had been approved by cabinet that would force mining companies to give up 51 percent of their assets to government. Only 26 percent of the stake would be paid for.

Midzi added that in cases where external shareholders did not co-operate, foreign investors who would would be asked to take up the remaining equities. It was not made clear whether new investors would have to pay the government or the ousted investors in this scenario.

India's Global Infrastructures, who has recently signed a 20-year deal to sort out Zimbabwe Iron and Steel Company, would not comment on whether the plans would make it rethink the venture....

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