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Foreign companies are required to cede 51pc of their shares to locals/XINHUA

Kenya

Zimbabwe takes over ‘non-compliant’ foreign mining firms

Foreign companies are required to cede 51pc of their shares to locals/XINHUA

HARARE, Apr 5 – Zimbabwe said on Thursday it had taken over majority stakes in foreign mining firms that had not sold 51percent of their equity to Zimbabweans, without specifying which or how many firms were affected.

“All mining companies that have not complied, should note that 51 percent of their shareholding is now deemed to be owned by the state and any business transacted in respect of this 51 percent shall have been transacted on behalf of the government of Zimbabwe,” indigenisation minister Saviour Kasukuwere said in a statement.

Zimbabwe passed new equity laws two years ago requiring foreign companies to cede 51percent of their shares to locals.

The largest foreign miners in Zimbabwe have already reached deals with the government and should not be affected by the announcement.

South Africa’s Impala Platinum, the world’s second-largest platinum producer, and British-South African diversified miner Anglo American have offered to sell a part of their mines’ shares to local communities and workers.

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