Mugabe rules out exception for foreign firms

Harare, Dec 9 : Zimbabwean President Robert Mugabe said Sunday that no sector would be spared from the indigenisation law, quashing media reports that platinum miners could be exempted from the rule if they establish a refinery.

Zimbabwe's law enacted in 2010 requires foreign businesses operating in the country to cede at least 51 percent of the share-holding to black Zimbabweans. Implementation started first from the mining sector, a pillar to the country's fragile economy, Xinhua reported.

There will be no exception in the 51/49 indigenisation threshold which seeks to give Zimbabweans greater control in foreign companies operating in the country, said Mugabe, addressing mourners at a senior military offical's burial.

"I have heard in some quarters that there can be exceptions but I am saying no. We are saying 51/49 percent. It's very clear, that is our stand," he said.

Platinum miners could have a lower indigenisation threshold if they build platinum refineries in the country since Zimbabwe currently sends platinum ore to South Africa for processing, Mines minister Walter Chidhakwa was recently quoted as saying in the media.

Platinum miners in Zimbabwe argue that it is not yet viable to establish the refinery as less than 500,000 tonnes is currently produced in the country.

--IANS (Posted on 09-12-2013)

world-news headlines

Snowden takes up post of Glasgow University rector

South Korean ferry mishap: Death toll crosses 150

BBC's Top Gear apologises for racist remark

Klopp, Guardiola not interested in Manchester United job

Obama arrives in Japan on four-nation Asian trip

China developing Linux-based OS after Windows XP shutdown

Bangladesh building victims need help: rights group

Barcelona transfer ban on hold

Kim Jong-un sending three experts to France to learn art of making his favourite cheese

Soon, 'teardrop' shaped pedal-bike that will let you zip at 90mph!

Reddit bans usage of controversial words

Single currency notes infested with over 3,000 types of bacteria

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014


Your e-mail:

Your Full Name:

Type verification image:
verification image, type it in the box


Back to Top