Zimbabwe’s Indigenisation and Empowerment Minister Saviour Kasukuwere says government is set to adopt a policy that will see Zimbabweans having 100 percent shareholding in mining companies.
According to a report in the state media Kasukuwere said the new policy will ensure that local people get total ownership and control of their mineral resources.
He said consultations were currently underway with the Ministry of Mines and Mining Development for an implementation plan that will achieve the desired results.
But European pundits and their local allies warned the new law will kill off the mining industry, just as the land act killed off agriculture.
Economist and the MDC-T’s director for policy, Eddie Cross, said one f the reasons the indigenisation programme in Zimbabwe is turning out to be problematic is because ordinary people do not have funds to buy the reserved shares as they are living in abject poverty.
Lawyer and economic analyst Bekithemba Mhlanga said on Friday about the new proposed law: ‘What that actually means is that foreign companies cannot come to Zimbabwe and do the exploration because it’s an area that is reserved for Zimbabweans.
Don’t forget that in most cases, the capital, equipment and expertise that you require may have to come from foreign companies and they won’t come,’ Mhlanga said.