HARARE - Zimbabwe will scrap a law that denies foreign platinum mining companies control of their operations in the country, the mines minister said on Thursday.
The law was aimed at increasing black Zimbabweans’ stake in the mining sector, but foreign investors said its implementation was often murky and open to abuse.Asked to confirm a Bloomberg report that Zimbabwe will scrap the black empowerment rules for platinum, Winston Chitando told Reuters in a WhatsApp message: “Confirmed. It’s part of a continued review of Zimbabwe is open for business mantra.”
Chitando, who is in Washington with Finance Minister Mthuli Ncube scouting for investment in Zimbabwe, did not respond when asked whether the changes will be extended to the diamond sector. Investor interest in Zimbabwe’s underexplored resources has improved more recently, however. Australia’s Arcadia Resources is setting up a lithium mine while privately owned Karo Resources signed a $4.2 billion deal to set up a platinum mine and refinery and revived a Russian joint venture for a big platinum project near Harare.
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