Posted in | Diamond | Platinum

Zimbabwe Looks to Nationalized Mining

Zimbabwe is thinking of nationalizing all mines. The government of Zimbabwe has plans to nationalize 100% of alluvial diamond mining and 51% of other minerals as per the Indigenization and Empowerment Minister Saviour Kasukuwere.

He said that the cabinet of the coalition government had unanimously agreed to these new measures on Tuesday. The new measure will take effect as soon as official regulations were published. He also said that all new projects in the mining sector are expected to comply with the above requirements of the law.

This last statement has led to analysts saying that existing minea may not be affected but new mining projects would be. Mining is the largest source of income for the Zimbabwean government, mainly due to the $1.5 billion platinum complex owned by Impala Platinum.

The new laws will adversely affect major platinum miners Anglo Platinum and Impala Platinum Holdings as well as Rio Tinto, which also has mining operations in Zimbabwe. The country is already struggling to sell its diamonds from the controversial Marange diamond field in face of human rights violation allegations.

The move is likely to hamper any future mining investments in Zimbabwe.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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