Zimbabwe spurns all mine plans

The Zimbabwean government has intensified its showdown with foreign mining companies by rejecting all their compliasand cement block maker in nigeriance plans in line with the controversial indigenisation law. About 175 foreign mining firms, including JSE-listed Impala Platinum, submitted compliance proposals earlier this year. Zimbabwean Empowerment Minister Saviour Kasukuwere has rejected their plans.

He said foreign miners that failed to comply with empowerment legislation would be kicked out of the country. This is despite Zimbabwe being desperate for foreign investment to revive its struggling economy. Reserve Bank governor Gideon Gono this week described his institution as "an empty shell". Mr Kasukuwere told delegates to a conference on empowerment rules in Harare yesterday: "We have received 175 proposals from mining companies and we’ve turned down all of them." He said the main reason for turning down the proposals — which included plans by Aquarius Platinum and New Dawn Mining to list on the Zimbabwe Stock Exchange — was that "26% would be done through social credits and 25% direct equity...