The Zimbabwe Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Zimbabwe's mining industry.
Indigenization and Empowerment Act suspended for now!
In a dramatic policy U-turn, the Zimbabwean government has now stated that its controversial Indigenization and Empowerment Act which originally called for a 51% stake in all mining companies (with assets over US$500,000) to be divested to indigenous Zimbabwean groups within a five-year period has been suspended until the local economy recovers.
A December 2010 report on Zimbabwe's NewsDay website quoted Industry and Commerce Minister Welshman Ncube as saying that until such a time when the economy recovers and rebuilds capacity, its not possible for every sector to achieve 51% (minimum indigenisation equity).
The move appears to have come as a surprise to most observers of the Zimbabwean political scene, as the 51% stake had been a key part of official government policy in recent years. However, it does now greatly improve the operating environment for foreign mining companies looking to enter Zimbabwe, as it paves the way for them to take majority stakes in indigenous operations.
**How long will the suspension last is my question, I guess. Any of the long term holders who are more familiar with the issue are welcome to join this discussion. I am looking to invest here, but just want to get a sense of this issue.
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