Industry News by Nemesis

Zim Loosens Grip on Diamond, Platinum Sectors as it Prepares for New Empowerment Law

August 7, 2019

Zimbabwe has finally decided to allow foreign investors take majority stakes in the diamond and platinum sectors. 


“Government, through the 2018 Finance Amendment Bill amended the Indigenisation and Empowerment Act and platinum and diamonds are now removed from the reserve list and shareholding will depend on negotiations with investors,” said Finance Minister Mthuli Ncube in his supplementary budget presented last Thursday. 


Zimbabwe introduced the empowerment law in 2008, which forced foreign-owned businesses including mines to surrender at least 51% shares of their local operations to black Zimbabweans. 


Meanwhile, Ncube said the Indigenisation and Economic Empowerment Act will be repealed and replaced by the Economic Empowerment Act, which will be consistent with the current thrust “Zimbabwe is Open for Business”. 

 

Source: Rough&Polished

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