Zimbabwe Will Not Pay for Indigenization of Platinum Mines

Platinum Today reported that according to a Zimbabwean government minister, the country plans to take control of foreign-owned platinum mines without paying for them. Previously, the plan had been for the government to finance the indigenization process.

As quoted in the market news:

Saviour Kasukuwere, the minister in charge of the government’s indigenisation policy, said Zimbabwe ‘will not pay for her resources’, according to Bloomberg.

‘If they don’t want to follow the law that’s their problem,’ he added, explaining that non-compliant mine owners could lose their licence.

Robert Mugabe, who controversially won bitterly contested elections this week, had already indicated earlier this year that the government may simply take ownership of mines.

Click here to read the full Platinum Today report.