Sunday, April 23, 2006

Mine confiscation? or not?

 PRESIDENT Robert Mugabe on Tuesday once again rattled foreign mining houses by reiterating that his government was not backing off on an intended plan to seize more than half the shares of foreign-owned mines.

Digressing from his prepared speech, the veteran politician told thousands of his ruling ZANU PF supporters who gathered for the Independence Day celebrations at the National Sports Stadium in Harare that minerals were non-renewable resources and that his government needed to maximise on the existing deposits, which were being exploited by foreigners.

"Takati tinoda kuita (We said we wanted) 50 or 51 percent in favour of Zimbabweans or the state and 49 percent in favour of investors," President Mugabe said.

Well, that's a great way to attract foreign investment....

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