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Zimbabwe confirms mines takeover

Underground at Mimosa
“’ one of the operations
which could be affected
Harare, Zimbabwe — MININGREVIEW.COM — 10 December 2010 – The Zimbabwean cabinet has agreed that the government will take over all alluvial diamond mining in the country and own a 51% share for other minerals, according to reports by state media.

“All new projects in the mining sector are expected to comply with the above requirements of the law,” youth development, indigenisation and empowerment minister Savior Kasukuwere was quoted as saying by the state-owned Herald newspaper.

It was not immediately clear whether the new rules would affect existing miners. They could impact major platinum miners Anglo Platinum and Impala Platinum Holdings, as well as Rio Tinto, which have operations in Zimbabwe.

The Herald said the unity government of president Robert Mugabe and prime minister Morgan Tsvangirai had also resolved that communities would receive 10% of gross profit from mining activities in their areas.