Zimbabwe sees no radical change for platinum, diamond ownership (Reuters Africa – November 26, 2018)

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LONDON, Nov 26 (Reuters) – Zimbabwe does not plan to change its ownership rules for diamonds and platinum, its mining minister said on Monday, denting hopes among some miners the country will open up ownership as it announces mineral frameworks in coming weeks.

Zimbabwe in March changed its empowerment law limiting the rules that mandate majority state ownership to diamond and platinum mines, rather than to the mining sector as a whole.

Speaking on the sidelines of an investment conference in London, Minister of Mines and Mining Development Winston Chitando told Reuters there would be “no change” for diamonds and platinum when asked about industry speculation the indigenisation rules could be relaxed further.

An official from a junior miner developing a project in Zimbabwe said on condition of anonymity, he still believed there could be flexibility if miners were, for instance, investing heavily in the local community.

Zimbabwe has held a series of conferences in Africa, as well as in London since the overturning of long-term leader Robert Mugabe in late 2017, raising expectations the mineral-rich southern African country would become more investor friendly.

For the rest of this article: https://af.reuters.com/article/zimbabweNews/idAFL8N1Y137F

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