12 °c
London
Friday, June 24, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Zimbabwe changes empowerment law

FurtherAfrica by FurtherAfrica
March 22, 2018
in Africa, Commodities, Economy, FDI, Legislation, Mining, Natural Resources, Zimbabwe
Reading Time: 1 min read
1.6k 66
0
Zimbabwe negotiating $1.5 billion Afreximbank guarantee to boost investor confidence
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Zimbabwe has changed its empowerment law to limit majority ownership by state entities to only diamond and platinum mines and not the entire mining sector as in previous legislation, according to a government notice.

The Indigenisation and Economic Empowerment Act introduced during the rule of former President Robert Mugabe was designed to increase black Zimbabweans’ stake in the sector but were open to abuse.

Foreign investor confidence dipped as a result, prompting a promise by new President Emmerson Mnangagwa to change the rules.

Finance Minister Patrick Chinamasa first announced the proposed changes to scale back the mine ownership in the 2018 budget statement in December.

The amendments were included in the Finance Act, which covers the 2018 budget and were signed into law by Mnangagwa on March 14, a government notice showed.

Only state-owned mining entities will hold majority shares in diamond and platinum companies. However, existing businesses do not need to immediately comply with the law as they can negotiate a timeline of compliance with the authorities.

Foreign investors are allowed to have full control in any other mining venture, the notice said.

Mnangagwa has said at various forums that “Zimbabwe is open for business” as he seeks to revive an economy that was ruined under Mugabe’s near four-decade rule.

Zimbabwe has the second largest known platinum deposits after South Africa and the two largest producers Anglo American Platinum and Impala Platinum Holdings have operations in the country.

The amendments also open up 12 sectors previously reserved for locals such as bakeries, transport and beauty salons to Zimbabweans of all races instead of black Zimbabweans.

Source: The Zimbabwe Mail

Related

Tags: Anglo American PlatinumdiamondEmmerson MnangagwaempowermentFeatureImpala Platinum HoldingsIndigenisationLegislationPatrick ChinamasaplatinumzimbabweZimbabwe Finance ministerZimbabwe Indigenisation and Economic Empowerment Actジンバブエ津巴布韦
ScanSendShare661Tweet413Share116Pin149Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Tourism

Kenya and Mastercard signs MoU to boost tourism

by FurtherAfrica
June 24, 2022
Opinion: The consequences of Africa’s careless agricultural trade
Agriculture

Nigeria set for 1st National Agricultural Sample Census in decades

by Farmers Review Africa
June 24, 2022
Energy

The 10 most electrified countries in Africa

by Energy Capital & Power
June 24, 2022
Development

IMF discusses reforms and economic developments in Ethiopia

by Emmanuel Chilamphuma
June 24, 2022
Economy

Angola improves financial system

by FurtherAfrica
June 24, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Tourism

Kenya and Mastercard signs MoU to boost tourism

by FurtherAfrica
June 24, 2022
0

The MoU aims to drive the growth of tourism numbers in Kenya by leveraging various Mastercard channels, including its Priceless.com...

Read more
Opinion: The consequences of Africa’s careless agricultural trade

Nigeria set for 1st National Agricultural Sample Census in decades

June 24, 2022

The 10 most electrified countries in Africa

June 24, 2022

IMF discusses reforms and economic developments in Ethiopia

June 24, 2022

Angola improves financial system

June 24, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?