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Zimbabwe to allow foreign platinum companies control of operations

Author: Source: Date: 2019-03-13 15:17:06

Zimbabwe to allow foreign platinum companies control of operations

Zimbabwe will scrap a law that denies foreign platinum mining companies control of their operations in the country, the mines minister said on Thursday.

This news will attract investment to Zimbabwe mining industry and inspire the relative demands. Golden Future, who supply miner cap lamp and explosion proof lighting to mining companies would also like to take this chance and expand cooperation with partners in Zimbabwe.

Zimbabwe holds the world's second-largest known platinum reserves behind South Africa.

Foreign platinum and diamond miners have been restricted to only 49 percent ownership of their Zimbabwe operations by the black economic empowerment law introduced during Robert Mugabe's rule. The law was aimed at increasing black Zimbabweans' stake in the mining sector, but foreign investors said its implementation was often murky and open to abuse.

President Emmerson Mnangagwa is keen to revive the mining sector after years of reticence from foreign investors during Mugabe's rule.

Investor interest in Zimbabwe's underexplored resources has improved more recently, however. Australia's Arcadia Resources is setting up a lithium mine while privately owned Karo Resources signed a $4.2 billion deal to set up a platinum mine and refinery and revived a Russian joint venture for a big platinum project near Harare.

The finance minister has said that Zimbabwe attracted $8 billion into mining last year alone and that projects are expected to take off in the next three years.

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