Zimbabwe’s Mugabe Names Chinamasa Finance Minister

(Corrects Mugabe’s age in third paragraph.)

Zimbabwean President Robert Mugabe named Patrick Chinamasa as finance minister and replaced his mining and indigenization ministers in his cabinet after winning elections in July to extend his 33-year rule.

Emmerson Mnangagwa will take over Chinamasa’s position as head of the justice ministry and Francis Nhema will be the indigenization minister, Misheck Sibanda, chief secretary to the cabinet, told reporters told reporters in Harare, the capital, today. Sidney Sekeremayi, the former minister of state security, was named defense minister, while Jonathan Moyo becomes information minister and Walter Chidakwa replaces Obert Mpofu as mining minister. The cabinet will be sworn in tomorrow.

Mugabe, 89, consolidated control of the southern African nation last month after his Zimbabwe African National Union-Patriotic Front party captured a two-thirds majority in parliament and he won another five-year term as president. Mugabe has pledged to accelerate plans to take stakes in banks and mining companies to return control of the economy to black Zimbabweans.

With its indigenization policy, Mugabe and Zanu-PF have forced mining companies such as Impala Platinum Holdings Ltd. (IMP) and Anglo American Platinum Ltd. (AMS) to cede majority stakes in their local assets to black Zimbabweans or the government. The southern African nation has the world’s second-biggest platinum and chrome reserves, as well as diamond, gold and coal deposits.

The new cabinet marks the end of a coalition government with Morgan Tsvangirai’s Movement for Democratic Change.

To contact the reporter on this story: Godfrey Marawanyika in Harare at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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