Foreign entities can now fully own mines in Zimbabwe followi

Foreign entities can now fully own mines in Zimbabwe following outcry


iStock/ Juan Jose Napuri
Foreign entities can now fully own mines in Zimbabwe, including diamond and platinum mines, following Zimbabwe's withdrawal of its indigenisation amendment.
This after the Zimbabwean government "deleted" an amendment to the Finance Act which had given it the power to control at least 51% ownership in mining entities. 
The amendment was seen by many as a way of reintroducing the country's controversial indigenisation laws on the mining sector.
The Zimbabwe government has "deleted" an amendment to the Finance Act which had given it the power to control at least 51% ownership in mining entities.
As reported by Fin24 last week, the Zimbabwe government had enacted under its laws a section that gave the minister of mines, in consultation with the minister of finance, powers to secure 51% in any chosen mine house through an appropriate designated entity (local shareholders).

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