How ‘indigenisation’ is stifling Zimbabwe’s mining industry

Rio Tinto's Renco gold mine in Zimbabwe's Masvingo province (photo: dpa)
Rio Tinto's Renco gold mine in Zimbabwe's Masvingo province (photo: dpa)

The Zimbabwe government’s demand that foreign mining companies sell 51 per cent of their shares to locals is deterring many investors. The demand is part of government rhetoric on ‘indigenisation’ and ‘empowerment’ – a move to give power to the indigenous population. There are also fears that money from diamond deposits which are being mined is being syphoned off to enrich the main ruling party, Zanu-PF.

ZIMBABWE is a potentially rich country, awash with minerals. According to the Zimbabwe Geological Survey, it has more than 500 individual deposits of base metal and industrial minerals.

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Yet, despite some signs of economic re...

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