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Zimbabwe to Nationalise All Mines
Source: Bua News
Source Date: Thursday, December 09, 2010
Country: South Africa
Created: Dec 15, 2010

He was also quoted as saying that "all new projects in the mining sector are expected to comply with the above requirements of the law," which analysts said perhaps suggested that existing mines would not be affected.

Mining is Zimbabwe's largest source of income, dominated by a $1.5bn platinum complex owned by South Africa's Impala Platinum, the biggest producer in the world.

The country also has several foreign-owned gold mines as well as ferrochrome and diamonds.

Marange

The Marange diamonds fields in the east have been plagued by charges of human rights abuses and looting by the army and government officials.

There are currently about eight operators licensed to mine the 60 000ha fields, none of them major international producers.

Finance Minister Tendai Biti has frequently complained that the state receives only "peanuts" from Marange.

After eight years of catastrophic economic decline, Zimbabwe's economy began growing again last year following the establishment of a power-sharing government between President Robert Mugabe and former opposition leader, Morgan Tsvangirai, who is now prime minister.

The mining industry was the fastest growing sector of the economy this year, recording 47% growth.

- SAPA

 

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