Replies to post #861 on Raptor Resources Holdings,Inc. (fka RRHI)

[Flowing]

Zimbabwe Leaning on Foreign-Owned Mining Companies

September 8, 2011 11:40 AM EDT

Zimbabwe's government is threatening more than 50 foreign-owned mining companies with the loss of their licenses after they allegedly failed to submit acceptable "indigenisation and empowerment plans."

Saviour Kasukuwere, Youth Development, Indigenisation and Empowerment Minister, also said Thursday that the companies risk prosecution if they fail to comply with the 2008 law that mandates "indigenisation," according to a story in the state-controlled newspaper The Herald.

The nation's indigenisation plans include making all mines in the nation at least 51 percent indigenous owned.

"Companies that did not respond or have not complied with the indigenisation and economic empowerment legislation will be prosecuted or have their business operating licences cancelled," said Kasukuwere.

He said his office had already started the process of cancelling the license of Zimplats Holdings Ltd., which is 87 percent owned by South Africa's Impala Platinum Holdings Ltd., the world's second largest platinum producer behind Anglo American Platinum Ltd.

This article is copyrighted by International Business Times, the business news leader

http://www.ibtimes.com/articles/210683/20110908/platinum-zimbabwe-zimplats.htm


(no comment, just skimming through most posts here when I can)

[WARRIORofWISDOM]

Corrections:

1. I don't recall ever stating that TAG (Z) was wholly owned or controlled by LLSR?.... But.... it sure helps when the CEO of TAG (Z) is a board member and material shareholder of LLSR... wouldn't you say? I'd say it is a very low risk that the "majority 51% owner" (TAG Z) will make a material decision against the wishes of LLSR as they are tied together.

2. Continue to encourage you to find Zimbabwe resources..... it's right there.... 51%/49%.... would send you the tangible details but I pay for the service and so can you.

3. Let me rephrase the risk of having native owned companies in third world countries....as it appears that it does not matter .... you dislike Zimbabwe/LLSR regardless and you are welcome to your opinion..... if we used your concerns as to why anyone would do business in Zimbabwe... then perhaps tier 1 USA corporations along with the international community should not invest in Libya, Iraq, Iran, Yemen, Somalia, Chad, Sudan, Congo, Sierra Leone, Syria, Afghanistan, Pakistan....is this still an important topic?..... LLSR is an early adopter in Zimbabwe and although there is political concern heading into the 2012 election there.... it sure helps for the US Embassy of Zimbabwe to publicly state that "Zimbabwe is open for USA business" and the recent lifting of the diamond ban sure helps minimize the risk.

These and many more are the reasons they call me the,

Warrior of Wisdom