Friday, March 11, 2011

(TALKZIMBABWE) Zim to publish mining sector indigenisation guidelines

COMMENT - This sovereign wealth fund is an excellent idea. By the way, Rio Tinto, Anglo-American are respectively owned and controlled by the Rothschilds.

Zim to publish mining sector indigenisation guidelines
By: Our reporter
Posted: Thursday, March 10, 2011 12:22 am

ZIMBABWE will publish indigenisation guidelines on mine ownership on Friday. The guidelines will take effect in a week.

Youth Empowerment and Indigenisation Minister Saviour Kasukuwere said Zimbabwe aims to nationalise over half its mining resources sector by setting up a sovereign wealth fund that would own 51% of all mining companies.

“This Friday we are gazetting the minimum threshold for the mining sector. We need the 51 percent (equity) to come into our sovereign wealth fund,” Kasukuwere said.

“We are all agreed as a government,” he added.

The move is also aimed at making sure that the country, with the world's second-biggest platinum reserves and probably second largest diamond deposits, can get more money from its mineral riches.

It is also intended to end patterns of white control of Zimbabwe's resources and means of production, which were etched out during colonial rule by Britain.

Blacks were excluded from owning the means of production, especially commercial farming and industry.

The move is likely to target mining giants like Angloplat and Impala Platinum, the world's largest and second-largest platinum producers, and Rio Tinto, which runs a diamond mine in the country.

Kasukuwere said earnings from mineral exports reached US$1.7-billion in 2010, about 30% of the country's estimated annual GDP, but that mining companies had paid only US$4-million in tax.

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