HomeNewsGovernment to kick out truant companies — Kasukuwere

Government to kick out truant companies — Kasukuwere

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Indigenisation, Youth Development and Empowerment Minister Saviour Kasukuwere has warned the government will “kick out” mining companies which fail to comply with indigenisation requirements by September this year.

Addressing delegates at a one-day Indigenisation Indaba in Harare on Wednesday, Kasukuwere also said the indigenisation programme would soon be extended to other sectors of the economy.

He said several mining companies had agreed to comply with the legislative framework while others were playing truant.

“We will kick them out,” he said. “We will ask them to hand over their assets to the State.”

So far, 175 mining companies have submitted their proposals to the government. Mining companies and been given up to June 2 to submit their indigenisation proposals.

He said sectoral proposals from banking, insurance and manufacturing sectors of the economy were yet to be received.

“We are not doing this because we don’t want the economy to grow. There is no need for antagonism, let’s share the resources,” he said.

“People have concessions and are selling them for millions of dollars at a nightclub, carrying a briefcase with Zimbabwean resources.”

National Indigenisation Economic Empowerment Board chairman David Chapfika said some sectors of the economy had agreed to the 51%, but they differed on the time frames of the implementation of the policy.

“Some want it in one year’s time while other want it in the next two or five years. There are some sectors that will have 100% indigenisation because there is no need for foreigners in those sectors. Maybe we will start with the financial services sector,” he said.

Chapfika said the board was in the process of conducting a due process for the mining sector that is expected to be complete by the end of August.

Last year NIEEB said $1 billion is required for empowerment projects in the country.

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