from DION HENRICK in Cape Town
CAPE TOWN – ORGANISERS of the annual African Mining Indaba are hopeful of progress in Zimbabwe’s mining sector under the new regime of President Emmerson Mnangagwa.
The veteran politician took over from longtime leader Robert Mugabe under whose watch the industry suffered a massive decline, partly blamed on the controversial indigeniation policies.
Under the policies, foreign owned mining firms must cede a 51 percent stake to locals.
After taking over in November from the ousted leader, Mnangagwa’s cabinet has laid out some policy reforms for the mining sector.
Nonetheless, for diamond and platinum producers in the country, the current 51 percent indigenisation ownership framework for foreign companies will still apply.
“However this policy will only apply to these two minerals, making the rest of the extractive sector a far more attractive option for foreign investment,” said Harry Chapman, publicist of the Mining Indaba. The indaba is scheduled for Cape Town, South Africa in February.
The event unites investors, mining companies, governments and other stakeholders from around the world to learn and network, all toward the single goal of advancing mining on the continent.
– APA / CAJ News