ED pledges to open platinum sector to all investors

ED pledges to open platinum sector to all investors

HARARE, Oct. 9 (Xinhua) — Zimbabwean President Emmerson Mnangagwa said his government will soon open up the platinum sector to all interested investors while a diamond policy to guide the sector will be announced soon.

Government had left out the two minerals when it liberalized the mining sector in December after scrapping the controversial Indigenization and Economic Empowerment Act that limited foreign shareholding in mining ventures to 49 percent.

The president was quoted by the state controlled Herald newspaper on Tuesday as saying that the 51-49 percent shareholding requirement with regards to platinum will soon be repealed.

“We did not have Diamond policy as a country, we have now done our research and we are now going to announce our Diamond policy. With regard to platinum, I can safely say it (the platinum sector) is going to be open to anybody,” Mnangagwa said.

Zimbabwe has the world’s second largest platinum reserves after South Africa.

He said the diamond policy would guide the sector on such issues as exploration, ownership, mining, processing and selling.

Mnangagwa has committed to opening up Zimbabwe’s economy to the rest of the world in order to attract the much-needed foreign direct investment to revive the ailing economy.

Meanwhile, gold deliveries hit 28 tonnes by end of September, only two tonnes short of the targeted 30 tonnes this year.

Source: Xinhuanet – Africa

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