• Labour Wrap

    Terry Bell says the labour movement in SA is currently in a state of confusion.

  • 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.

All data is delayed
Loading...
See More

'Indigenisation not nationalisation'

Jul 17 2012 12:05
Sapa

Johannesburg - The indigenisation in Zimbabwe is not nationalisation, a government official from that country said in Johannesburg on Tuesday.

"Indigenisation is not nationalisation. It is not forced on an investor," Prince Mupazviriho, permanent secretary of the ministry of mines in Zimbabwe, told the Africa Mining Congress.

"You find your own partner and you come up with your own structure on how you need to do it.

"A perception has been created that if an investor comes to invest to Zimbabwe, the moment the investor touches down, he is surrendering 51% of that investment. No, that is not the case."

Mupazviriho said investors were expected to identify a local partner and come up with their own arrangement.

"The aspiration is that it must be 51% (local-owned) and 49% (foreign-owned)."

Mupazviriho said indigenisation was done for the benefit of people living near mining projects.

The Mail&Guardian reported in March that the controversial law orders foreign-owned companies, such as mines, banks and retailers, to submit plans on how they will give up a majority share to locals. The government had however not explained how the process would be undertaken.

 
zimbabwe  |  nationalisation  |  indigenisation

 
 
 

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
22 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

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

Loading...