Zimbabwe to scrap platinum mine ownership rules


Washington – Zimbabwean finance minister Mthuli Ncube said on Wednesday a new bankruptcy and a tax break.

"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 new rules could be extended to diamond mining, Minister Winston Chitando said in a separate interview on Wednesday. Robert Mugabe will increase the appeal of the world's top platinum producers, including Anglo American Platinum, and Russian Alrosa.

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 known reserves of platinum-group metals after SA, 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 are continuing to encourage the growth of the economy," Theron said in an e-mailed response to questions.



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