No joy for miners from Zimbabwe’s ‘crocodile’

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Mining executives have learnt that they won’t be ‘sweeping’ pro-investment policy changes under Zimbabwe’s new President, Emerson Mnangagwa.

Contrary to expectations, two weeks ago, as it announced measures to stimulate the ailing economy, the country’s new cabinet retained thresholds of the contentious Indigenisation Policy for some segments of the mining sector. For other economic sectors, the Indigenisation Policy has been scrapped.

The Indigenisation Policy stipulates reserving 51% ownership of companies for so-called Indigenous Zimbabweans.

On a positive note, the cabinent deferred a 15% tax on unprocessed and semi-processed platinum exports as the country implements policy reforms to attract foreign investment.

Mnangagwa is visiting South Africa, and had an a meeting with President Jacob Zuma in Pretoria, South Africa’s capital city.

ambriefonline

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