Zimbabwe will
effectively nationalise half of the country’s key resources sector by
setting up a sovereign wealth fund to own 51 percent stake of mining
companies, a government minister said on Wednesday.
Saviour Kasukuwere,
minister of youth empowerment and indigenisation, said the government
in the resource-rich country will publish guidelines on mine ownership
regulations on Friday and the rules take effect within a week.
The move is likely
to discourage foreign investment and will hit foreign miners in the
state including AngloPlat and Impala Platinum, the world’s largest and
second largest platinum producers, and Rio Tinto, which runs a diamond
mine in the country.
