[miningmx.com] — ZIMBABWE would not hand any more chances to mining companies that failed to meet indigenisation, controversial legislation that provides for the sale of 51% of foreign-owned companies to Zimbabweans.
“We will not make any more announcements,” said Kasukuwere in an interview with Miningmx. “We are moving quietly. The deadline has been reached. Action will be taken,” he said.
Amendments to regulations to the indigenisation legislation were gazetted again in July suggesting the government was not entirely satisfied with minutiae of the law. However, foreign owned companies operating in Zimbabwe were told to set down acceptable plans for the transfer of shares by September 25.
In certain cases, such as Impala Platinum which owns 87% of Zimbabwe platinum miner Zimplats, the deadline to meet the indigenisation legislation was extended to November 15.
However, Kasukuwere spelled out the Zimbabwe government’s view that its patience was running out for companies wanting to press for further time. “We will now implement this law in a manner that suits us,” he said.
Kasukuwere added, however, that compensation would be paid to companies compliant with indigenisation. He also dismissed suggestions that implementation of the law did not have the full support of Zimbabwe’s cabinet.
Zimbabwe mines minister Obert Mpofu recently declined to cancel the mining licence of Caledonia Mining forcing Kasukuwere to go back to the negotiating table, while Gideon Gono, Zimbabwe Reserve Bank governor, said banking licences would not be cancelled either.
“This [indigenisation] is a national policy and everyone in the cabinet has supported it as such,” said Kasukuwere. “People may have their personal views, but this is the law of our country.”
“Mining companies must understand that this is a new beginning for Zimbabwe. They cannot continue to colonise our minerals.
The full interview with Saviour Kasukuwere will be published in Miningmx’s Green Book which will be distributed with the November 3 issue of Finweek, and published on Miningmx a week later.
