Saturday, 27 August 2011

Zim closes mine over local ownership

Zimbabwe's leading gold mine looks to be closed after the government cancelled the miner, Canadian Caledonia Mining Corporation's licence to operate. The licence appears to have been cancelled by the the Minister of Youth Development, Indigenisation* and Empowerment. Zimbabwe has been slowly attempting to rebuild its economy. Commercial agriculture, which used to be a leading industry in the country, was pretty much decimated by land grabs. Now mining is the focus. Mines and banks have been given 14 days to submit plans to transfer 51 per cent ownership into local hands. If these plans are not approved by the government their licences will be revoked. Many of the affected firms are South African.

*Spell-check irony: "indigenisation" comes up as "indigestion"

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