Zimbabwe\'s prime minister Morgan Tsvangirai
Harare seeks to lure mining investors
Miningmx reporter | Thu, 25 Jun 2009 11:01[miningmx.com] -- Zimbabwe's government of national unity plans to scrap indigenisation laws in an effort to attract foreign investment, Financial Times reported on Thursday. Addressing a conference of mining investors on Wednesday, prime minister Morgan Tsvangirai appealed for foreign investment in Zimbabwe's mining industry as the best means of restarting the economy. Junior companies such as Impala Platinum and Mwana Africa are invested in the country, but political risk has kept away big mining investment. Tsvangirai was speaking in London at the end of a three-week tour of western capitals, in which he has attempted to win financial backing for the coalition government formed earlier this year. Tsvangirai said the indigenisation laws, introduced more than a year ago and intended to enforce 51% Zimbabwean ownership of enterprises, had scared off investors. In the year leading up to last year's presidential elections, the law was held up by investors as one reason why foreign capital was not developing Zimbabwe's rich gold, nickel, platinum and diamond deposits. Changing the laws was now "an urgent matter that needed to be dealt with", Tsvangirai said, outlining incentives that included rational royalty and corporate tax levels in the local mining industry. "We need to find a level of [local ownership] that you find comfortable and we find beneficial," he said.
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