Zimbabwe gets tough on mining companies and local exchange listings
Zimbabwe wants mining companies operating in the country to list the majority of their shares on the local exchange as the country with the world’s biggest platinum reserves after SA looks to boost investment. "No mining right or title shall be granted or issued to a public company unless the majority of its shares are listed on a securities exchange in Zimbabwe," the government said in the mines and minerals bill before parliament, received by e-mail Thursday. Companies seeking mining rights and which are already listed on a bourse outside the country must notify the mines minister, and 85% of the funds from the local listing must be used exclusively to develop the local right, it said. Platinum and diamonds are key exports for an economy that has halved since 2000 after a chaotic and violent land-reform programme slashed shipments of tobacco, corn and roses. Zimbabwe also holds substantial deposits of gold, chrome, lithium, coal and iron ore. The state is courting mining companies...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.