Harare to scrap mining ownership rules

Finance Minister Mthuli Ncube yesterday said a rule requiring local investors to control platinum mines will be scrapped and foreigners will be allowed to own 100% in a bid to revive investment. 'We are removing that indigenisation rule, which is discouraging foreign direct investment,' Ncube said in a television interview. 'We say Zimbabwe is open for business. You can only be open if you allow ownership of 100%.' The new rules could be extended to diamond mining, Mining Minister Winston Chitando said in a separate interview. A report on the Fin24 site notes that the change to policies introduced by former President Robert Mugabe will increase the appeal of Zimbabwe to the world’s top platinum producers, including Anglo American, and could generate interest from Russian diamond miner Alrosa PJSC.