Mthuli Ncube to scrape Zimbabwe platinum and diamond mine ownership rules

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"We are removing that indigenization rule, which is discouraging foreign direct investment," said Ncube in an interview with Bloomberg Television in Washington. "We say Zimbabwe is open for business, you can only be open if you allow ownership of 100%."

The Mining Minister Winston Chitando said in a separate interview on Wednesday. President Robert Mugabe will increase the attractiveness of Zimbabwe to the world's top platinum producers, including Anglo American, and Russian Minerals Alrosa PJSC.

Abandoning the requirement to transfer 51% stake to locals is part of wider efforts to encourage the southern African nation's economy.

President Emmerson Mnangagwa has sought to water some of the contentious rules of his predecessor

Zimbabwe holds the world's second-largest reserves of platinum-group metals after South Africa, plus substantial deposits of gold, diamonds, lithium, iron ore, coal, chrome and nickel. The changes to the rules would need to be ratified by parliament.

Impala Platinum Holdings, one of the biggest mining investors in Zimbabwe, said spokesperson Johan Theron.

"We continue to encourage the growth of the economy and the economy," Theron said in an emailed response to questions.

– Bloomberg

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