QUOTE
Mugabe wants half of all mines
14/09/2004 15:37 - (SA)
Harare - The government of Zimbabwe's President Robert Mugabe will soon lay claim to half ownership of all the country's privately-owned mines, the state press reported on Tuesday.
The state-controlled daily Herald quoted the 80-year-old leader as saying: "We are going to demand that government be given 50% shares in the mines."
"We cannot recognise absolute ownership of our resources," he said. "That must be corrected."
Comment could not immediately be obtained from the Zimbabwe Chamber of Mines, which represents the mining industry.
Mining is one of Zimbabwe's most vital economic sectors, and one of the few sources of foreign currency left in the midst of the country's economic crisis, following the collapse of the once robust agricultural industry.
The announcement indicates a far more radical approach than was planned in previous policies.
In March, the government shelved plans to force international mining companies to sell 49% of their shares to blacks.
Observers said Mugabe's statement suggests that he plans a seizure of the half-shareholdings with no suggestion of compensation.
Zimbabwe has a wide range of mineral output, and was a major world producer of gold, diamonds, platinum, chrome, asbestos and lithium, but in the last four years of economic and political crisis, production has plummeted.
The country used to be Africa's third largest producer of gold, after South Africa and Ghana, but in the last four years output has fallen from 30 tonnes a year to 12 tonnes last year.
International mining groups have also largely withdrawn from the country, with South African-based Anglo American and British-based Rio Tinto the only foreign companies with any large stake. - Sapa-DPA
14/09/2004 15:37 - (SA)
Harare - The government of Zimbabwe's President Robert Mugabe will soon lay claim to half ownership of all the country's privately-owned mines, the state press reported on Tuesday.
The state-controlled daily Herald quoted the 80-year-old leader as saying: "We are going to demand that government be given 50% shares in the mines."
"We cannot recognise absolute ownership of our resources," he said. "That must be corrected."
Comment could not immediately be obtained from the Zimbabwe Chamber of Mines, which represents the mining industry.
Mining is one of Zimbabwe's most vital economic sectors, and one of the few sources of foreign currency left in the midst of the country's economic crisis, following the collapse of the once robust agricultural industry.
The announcement indicates a far more radical approach than was planned in previous policies.
In March, the government shelved plans to force international mining companies to sell 49% of their shares to blacks.
Observers said Mugabe's statement suggests that he plans a seizure of the half-shareholdings with no suggestion of compensation.
Zimbabwe has a wide range of mineral output, and was a major world producer of gold, diamonds, platinum, chrome, asbestos and lithium, but in the last four years of economic and political crisis, production has plummeted.
The country used to be Africa's third largest producer of gold, after South Africa and Ghana, but in the last four years output has fallen from 30 tonnes a year to 12 tonnes last year.
International mining groups have also largely withdrawn from the country, with South African-based Anglo American and British-based Rio Tinto the only foreign companies with any large stake. - Sapa-DPA
Source
OMG,
This guy is even a bigger idiot than i ever expected...
What the hell is going to be left of that country by the time he checks out...
I realy feel for those peaple
).
BOB
... maybe it's worth it to buy it then...
