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Zimbabwe Indigenization Minister Dismisses Proposed 10% Mines Equity Stake

  • Gibbs Dube

State-controlled media quoted Kasukuwere as saying the chamber’s proposal comes nowhere near the 51 percent indigenous stake prescribed by the 2007 Indigenization and Economic Empowerment Act.

Zimbabwe Indigenization Minister Saviour Kasukuwere has dismissed as “unguided and futile” a proposal by the Zimbabwe Chamber of Mines to set aside a 10 percent equity stake for black Zimbabweans under the indigenization program.

State-controlled media quoted Kasukuwere as saying the chamber’s proposal fell far short of the 51 percent indigenous stake prescribed by the 2007 Indigenization and Economic Empowerment Act.

“The proposal by the Chamber of Mines is not serious because they have to understand that in this case we mean business,” Kasukuwere said.

VOA could not reach Kasukuwere for comment.

Chamber of Mines sources said some top officials in President Robert Mugabe's ZANU-PF party have their eyes on lucrative mines which they intend to take over once the indigenization drive is in full swing.

Political analyst Bekithemba Mhlanga told VOA Studio 7 reporter Gibbs Dube that Kasukuwere’s dismissal of the proposal submitted by the Chamber of Mines shows that he is pursuing ZANU-PF ideological goals and not a coherent national indigenization policy.

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