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Zimbabwe gives mines 14-day deadline to hand over majority

Discussion in 'International Forum' started by AirTanzania, Sep 6, 2011.

  1. AirTanzania

    AirTanzania JF-Expert Member

    Sep 6, 2011
    Joined: Mar 17, 2011
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    Haya mambo kwa Bob yamekucha tena wakati Mafisadi wanagawa Ardhi yetu kwa Wazungu, Mugabe anakula nao jino kwa jino.

    Zimbabwe’s government has given foreign companies including miners and banks a 14-day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday.

    However, immediately thereafter the country’s central bank governor Gideon Gono launched a scathing attack on the minister responsible for the indigenization policy saying the threats “could irreparably harm the nerve-centre of the recovering economy.”
    Before a new unity government in 2009 Zimbabwe economy had shrank by as much as half over the preceding decade amid hyperinflation, property seizures and civil unrest. The country is the number two platinum producer in the world and rich in gold and diamonds.
    Gono’s comments is a clear sign of the divisions that still exists within the unity government between the opposition MDC and President Robert Mugabe who has been leader of the country for more than 30 years and championed the legislation which was enacted in 2008.

    Under Zimbabwe’s indigenization policy mining companies were granted until the beginning of June to submit proposals about transferring majority ownership but the government then rejected 175 of these plans from mines because they had proposed selling only a 25% stake and making social responsibility investments to obtain credits for the remainde

    The Wall Street Journal reports Barclays and Standard Chartered, British American Tobacco and Swiss food giant Nestlé and a number of miners including Rio Tinto and Impala Platinum were sent letters.


  2. Baba Ziro

    Baba Ziro Senior Member

    Sep 8, 2011
    Joined: Apr 15, 2011
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    Big up Mugabe, that is the way we want hear in Tanzania.