Posted in | News | Gold | Diamond

Mugabe Makes Mine Grab

Zimbabwean President Robert Mugabe is set to take over 51% of all mines operating in the country, including foreign owned mines. The guidelines for mine ownership in Zimbabwe will be published on Friday and will take effect in a week’s time.

The Youth Empowerment and Indigenization Minister Saviour Kasukuwere said that a sovereign wealth fund would be formed to hold the 51% of the mines. Mines currently contribute to one third of the GDP. He said that the country aims to nationalize over half its mining resources sector with this move and will be able to keep more money in the country.

He said that in the mining sector specifically the nation has been getting a raw deal all this time with multi-national companies taking money out of the country. The main targets will be mining giants like Anglo Platinum Limited and Impala Platinum, the world's largest and second-largest platinum producers, and Rio Tinto, which runs a diamond mine in the country.

This will also end patterns of white control over the nations resources which were predominant during colonial rule by Great Britain. At that time blacks would not be allowed to own any means of production in the farming or industrial sectors. Mr Kasukuwere was also in the spotlight when he introduced regulations to force white and foreign owned businesses worth more than $500,000 to cede 51% of their shares to black Zimbabweans.

Zimbabwe's current economic and food crisis, described by some observers as the country's worst humanitarian crisis since independence, has been attributed in varying degrees to the government's price controls and land confiscations, the HIV/AIDS epidemic, and a drought affecting the entire region.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, February 18). Mugabe Makes Mine Grab. AZoMining. Retrieved on July 13, 2024 from

  • MLA

    Scanlon, Joel. "Mugabe Makes Mine Grab". AZoMining. 13 July 2024. <>.

  • Chicago

    Scanlon, Joel. "Mugabe Makes Mine Grab". AZoMining. (accessed July 13, 2024).

  • Harvard

    Scanlon, Joel. 2019. Mugabe Makes Mine Grab. AZoMining, viewed 13 July 2024,

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.