Zimbabwe Officials Seek to Assure Mining Companies

By Mike Obel | September 14 2011 8:08 AM

Zimbabwe has no intention to cancel the mining licenses of foreign mining groups and will continue talks with some miners over a law requiring them to give Zimbabweans a 51 percent stake in their local holdings, the country's mines minister said on Wednesday.

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We have no intention of cancelling any licenses. There are some negotiations taking place with some parties. No licence has been cancelled. We have no such intention, Mines Minister Obert Mpofu told a mining conference in Harare.

Also, Zimbabwe's empowerment minister, who has been leading a drive to force foreign miners to give 51 percent stakes to locals, told a mining conference on Wednesday the law could be waived.

When there are exceptional circumstances, we'll look at those circumstances in a manner that allows our country to move forward. We are aware of the capital requirements in mining, we are alive to those realities, Empowerment Minister Saviour Kasukuwere said.