• Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

  • Accoutable government

    Mandi Smallhorne says government should be taken to court for its wasteful expenditure.

All data is delayed
See More

Harare claims 51% ownership of all mines

Apr 05 2012 10:17

Company Data


Last traded 53
Change -2
% Change -4
Cumulative volume 6665742
Market cap 0

Last Updated: 04-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Analysts slam Zim mining policy

Zim yet to conclude Zimplats terms

Implats surrender boosts Zanu-PF for poll

Revenue crunch may shut Zimbabwe govt

Implats gives up 51% Zimplats stake

Harare reviews mine fees after uproar

Harare - Zimabwe’s government raised the stakes on Thursday in its drive to wrest majority control of foreign mining companies, with a minister saying the state now considered it owned 51% of firms that have not complied with local ownership laws.

“All mining companies that have not complied... should note that 51% of their shareholding is now deemed to be owned by the state,” Empowerment Minister Saviour Kasukuwere said.

It was not immediately clear which firms were being targeted, or whether President Robert Mugabe’s cash-strapped government planned to pay for the shares. Kasukuwere did not respond to requests for clarification.

The demand for foreign companies, particularly miners, to transfer a 51% stake in local operations to black investors is widely seen as a tactic by Mugabe’s Zanu-PF party to raise cash for elections that may come this year.

Johannesburg-listed Impala Platinum Holding [JSE:IMP] the world’s second-biggest platinum producer, bowed to pressure last month to surrender half its Zimplats unit, although details of the transfer have not yet been worked out.

Analysts said this latest broadside from Kasukuwere might be more bluster than fact.

“I would treat this with quite a degree of scepticism,” said Nic Borain, an independent political analyst based in Cape Town.

“I would want to wait to see the specifics of how those shares would be transferred, how the assets would come to be in government hands, how government would exercise any control over those assets.”

The statement added that any profits accruing to the 51% stakes “should be regarded as property of the state”, and that other companies transacting with mining firms should remember that they are dealing with the government.

“Any attempt to defraud the state will result in prosecution,” it said.

Kasukuwere has previously said most major firms have complied or are in the process of complying, but he has not publicly endorsed plans relating to leading gold producer Metallon Gold, an unlisted South African miner, and Mwana Africa’s Bindura Nickel corporation.

Harare says its “indigenisation” policy is needed to redress the racial inequities of past colonial rule, but similar drives in other sectors have been disasters, most notably the government’s seizure of white-owned farmland that decimated commercial agriculture and led to widespread food shortages.



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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The drop in inflation:

Previous results · Suggest a vote