Zimbabwe Nationalizes Mining Zimbabwe now owns the majority of all foreign mining companies

Zimbabwe's Black Empowerment Minister, Saviour Kasukuwere, announced Friday it has taken majority ownership of foreign-owned mining firms, which had not already given a controlling stake to Black Zimbabweans.

All mining companies that have not complied ... should note that 51% of their shareholding is now deemed to be owned by the state, empowerment minister Kasukuwere said in a statement.

Kasukuwere said profits since 25 September from the government's new controlling shareholdings were also regarded as property of the state. But he said companies that made a loss since then would have to cover losses from their side, and not draw from the indigenized portion held by the state to pay debt.

Johannesburg-listed Impala Platinum (PK:IMPUY), the World's 2nd-biggest Platinum producer, bowed to pressure last month and surrendered 50% of its Zimplats unit.

Paul A. Ebeling, Jnr.

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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. Read the Terms of Service