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Harare - Zimbabwe could take over mines that fall short of laws
requiring them to sell majority stakes to locals by September, a government
minister said on Wednesday.
Saviour Kasukuwere, the Indigenisation and Economic
Empowerment Minister, told state television that many of the miners had
submitted their proposals but they fell short of the empowerment regulations.
"We have now analysed most of the proposals that have
been submited to us and we (are) seeing that many of them actually fall
short," Kasukuwere said.
"What we are now doing is basically to invoke the law
and ensure that we, as government... take over those assets if they are not
prepared to compromise with the position of government."
The government in March issued regulations setting a June 2
deadline for mining firms to submit plans on how they intend to dispose of at
least 51% shares in their local operations to local black Zimbabweans by the
end of September.
Mineral-rich Zimbabwe has the world's second-largest known
platinum reserves after neighbouring South Africa and foreign miners working
there include Zimplats Holdings, a unit of Impala Platinum Holdings [JSE:IMP], global
mining giant Rio Tinto, and Anglo Platinum [JSE:AMS].
Kasukuwere has previously told Reuters that Zimbabwe's
cash-strapped government would not pay any money for the mining stakes but
would base any payment negotiations on the state's ownership of the country's
untapped mineral wealth.
The television report said most miners were insisting on selling 26% of shares within five years while the remaining 25% would comprise credits from social spending, local procurement and skills development.
