tag:blogger.com,1999:blog-9185505090408020955.post1355359649841810716..comments2012-06-14T15:39:57.113-07:00Comments on DCLA diamonds: Zimbabwe Minister Says Rules for Indigenous Control of Mines to be Published ShortlyAnonymoushttp://www.blogger.com/profile/00469676106254429673noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-9185505090408020955.post-56400343930848674572011-03-09T15:10:27.544-08:002011-03-09T15:10:27.544-08:00PRESIDENT Robert Mugabe is about to seize control ...PRESIDENT Robert Mugabe is about to seize control of Zimbabwe's foreign-owned multi-billion-dollar mining industry. <br />Saviour Kasukuwere, the Indigenisation Minister, said that a sovereign wealth fund would be created that would own 51 per cent of the mines, which account for a third of the country's GDP. <br />The regulations are to take effect at the end of next week. <br />"In the mining sector specifically, we have been getting a raw deal all this time, with companies taking money out of the country," Mr Kasukuwere said. <br />His comments echoed statements by Mr Mugabe last week in which he threatened to seize businesses based in countries - chiefly Britain - that imposed sanctions against him and his associates. <br />A year ago Mr Kasukuwere stunned Zimbabwe's business community when he introduced "indigenisation" regulations to force white and foreign-owned businesses worth more than $US500,000 to "cede" 51 per cent of their shares to black Zimbabweans. <br /><br />The biggest mining investor in Zimbabwe is Impala Platinum, of South Africa, which has embarked on a $US450 million expansion of its Zimplats project. <br />It was specifically named by Mr Mugabe as a target. <br />Anglo American's Anglo Platinum, the world's biggest platinum producer, commissioned a $US300m start-up investment in a $US3.4bn platinum project at its Unki mine last year. <br />Rio Tinto has put on hold a $US300m expansion for its Murowa kimberlite diamond mine because of uncertainty over Mr Mugabe's nationalisation plans. <br />None of the companies was immediately available for comment. <br />Business leaders believe that Mr Kasukuwere's move will halt new investment, set off swift disinvestment and produce huge job losses. <br />The economy has experienced its first growth in a decade, after the formation of a coalition Government in 2009, with the former pro-democracy opposition leader Morgan Tsvangirai now Prime Minister. <br />Mr Tsvangirai and his colleagues in the coalition have been struggling to lure investment in the face of the continuing threats of nationalisation by Mr Mugabe and his ministers.Anonymoushttps://www.blogger.com/profile/00469676106254429673noreply@blogger.com