Zimbabwe Defends Mine Ownership Plan

Reuters reported that Zimbabwe’s President defended his government’s plan to take majority control of foreign-owned mining companies, saying investors must pay for exploiting Africa’s mineral wealth.

As quoted in the market news,

Western countries have withheld financial aid to Harare in protest over Mugabe’s policies and charges he has rigged elections to stay in power, worsening an economic crisis that has driven millions of Zimbabweans to South Africa for jobs.

Impala Platinum, Anglo American Platinum and London-listed Aquarius Platinum are among foreign firms operating in Zimbabwe, which has significant reserves of platinum, diamonds and gold.

Click here for the full Reuters report