Zimbabwe’s indigenisation laws that aim to boost black ownership in the economy, do not equate to nationalisation, Mines ministry permanent-secretary Prince Mupazviriho said. “It’s not nationalisation,” he said in a speech in Johannesburg yesterday.
“It’s not forced on anyone. You come up with your own partner. You come up with your own structure.”
The Southern African nation last year introduced a law compelling foreign and white-owned companies to sell or cede 51% of their shares to black Zimbabweans or a State-owned indigenisation fund.
The law initially targeted only mining companies in the country and has now been extended to foreign-owned banks.
Zimbabwe has the world’s largest platinum deposits after neighbouring South Africa. Gold, diamonds, ferrochrome, coal, copper and asbestos are some of the minerals mined by companies such as Impala Platinum Holdings Zimplats unit, Aquarius Platinum, Sinosteel Corp and Metallon Corp.
