Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Zimbabwe Guardian reports that at least 137 mining companies are risking losing their mining licences for refusing to comply with the country’s new indigenization regulations.
Affected companies include Anglo-American, Murowa Diamonds and Metallon Gold, according to the newspaper, which notes that 38 companies have complied.
The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenization laws.
MINING.com reported earlier this month that the government has received 400 applications from companies interested in mining diamonds, despite an international ban on the export of gems from the rich Chiadzwa alluvial fields.
5 Comments
Mjf2705
Well down the road to ruin, Zimbabwe continues its basket case policies.
And this was once one of the richest countries in Africa……………..
Sigh.
Farai Karonga
Rubbish Zimbabwe has a right to determine its own policies without foreigners dictating their false visions to them
Nyakufuya
@Mjf2705 and when was Zimbabwe the richest country in Africa? For your own information, Zimbabwe still got all its diamonds, gold platinum, coal etc, all in its belly. It will stay there until we get a fair deal for it.
Zim mike @zim mike
May those crying against zimbabwes indigenous laws be Remind we did not hear them call for the lifting of there failed sanctions on the country.If they are not happy with the law of the land in zimbabwe i suggest they go to the Hague or their united nations or chogam or who ever they feel and file their complaints. But i would like to inform them sorry the days of looting zimbabwe are over we would rather let those diamonds rot in the ground than allow exploitation by outsiders
Zim mike @zim mike
I am not so sure that zimbabwe is on the road to ruin i travelled there this year and last year and i as well as 5million zimbabweans Know that it is on the road to recovery and as far as basket case policy even when we were put on our knees we still paid our debts we owe no country nothing i see greece and not too long italy’spain and portugal becoming basket countries the united states is now having a taste of its own medcine soon we shall see who is on the road to ruin and who will be the basket countries