Tuesday, June 26, 2007

Zim to take over mining sector?

...A bill the government made public on Monday will be presented to parliament proposing indigenous black Zimbabweans will get at least a 51 per cent share of those companies.

Although it is not clear how private companies will be affected, analysts say the move is likely to further damage investor confidence in Zimbabwe, which is suffering from the world's highest inflation rate and severe food, fuel and foreign currency shortages....

Earlier this month, Mines Minister Amos Midzi said Zimbabwe is to take control of strategic resource sectors such as uranium, but in other sectors local businesses will take majority stakes.

But he said special consideration may be given to companies already operating in the country, such as international miners Impala Platinum and Rio Tinto....

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