• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Zim unveils community mining scheme

Jul 27 2012 08:24
Sapa

Marange - Zimbabwe's President Robert Mugabe praised the country's first community mining project Thursday, under new laws that give mining rights to communities around the notorious Marange diamond fields.

Zimbabwe's so-called indigenisation, or equity, laws require foreign companies to cede 51% of their shares to local blacks, in an attempt to reverse the inequalities caused by the country's colonial past.

"The Marange community trust is unique in that it will own mining rights rather than hold equity in the four companies (operating in Marange)," Mugabe said at the unveiling of the scheme.

The Marange fields have been at the center of a years-long controversy over alleged army abuses, and the Kimberley Process global watchdog suspended exports there.

The ban was lifted last year, allowing two companies to start exporting stones, a decision supported by China and India but opposed by Western nations, rights groups and the industry.

Mining companies donated $1.5m to the Marange trust to allow the communities to resume the mining of alluvial diamonds over the area covering 6 800 hectares.

"We need to translate our political sovereignty into economic independence," Mugabe said.

"Our indigenisation programme is one such deliberate intervention that seeks to empower previously disadvantaged Zimbabweans," he added.

Prime Minister Morgan Tsvangirai, who is Mugabe's partner in the power share government, has criticised the law, saying it will drive away foreign investment, just as the country is recovering from a decade-long economic collapse.

 

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...