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Harare - Zimbabwe has rejected all 175 empowerment proposals it received from foreign mining companies and will kick out any firms that don't meet its laws on local ownership by September, the country's empowerment minister said on Wednesday.
Foreign miners operating in Zimbabwe must sell majority stakes to local black investors by September, or face losing their assets.
"We have received 175 proposals from mining companies and we've turned down all of them. The proposals were that 26% would be done through social credits and 25% direct equity," Minister for Indigenisation and Economic Empowerment Saviour Kasukuwere told a conference in Harare.
"By the end of September, any mining company that doesn't comply with the law, we'll kick them out. We'll ask them to hand over their assets to government."
Foreign miners operating in Zimbabwe must sell majority stakes to local black investors by September, or face losing their assets.
"We have received 175 proposals from mining companies and we've turned down all of them. The proposals were that 26% would be done through social credits and 25% direct equity," Minister for Indigenisation and Economic Empowerment Saviour Kasukuwere told a conference in Harare.
"By the end of September, any mining company that doesn't comply with the law, we'll kick them out. We'll ask them to hand over their assets to government."
