28 Mar '11, 7pm

Zimbabwe to take over all foreign-owned mining firms: HARARE : All foreign-owned mining companies in Zimbabwe mu...

HARARE : All foreign-owned mining companies in Zimbabwe must sell majority stakes to locals within six months, under new rules released Monday that clouded the nation's drive for foreign investment. The new rules marked the latest attempt by long-ruling President Robert Mugabe to squeeze cash out of the mining industry, after last month hiking exploration fees by 2,000 percent to one million dollars. The controversial Indigenisation and Economic Empowerment Act issued last year required all foreign firms valued at more than $500,000 to sell 51 percent stakes to locals. The new rules published Monday expand the law to include all mining companies valued at more than one dollar. "A controlling interest, or the 51 percent of the shares or interest which in terms of the Act is required to be held by indigenous Zimbabweans in non-indigenous mining business," the new law said in...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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straitstimes.com 28 Mar '11, 1am

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