Zimbabwe May Let Foreigners Own Majority Stakes in Diamond Mines
- Government considering waiving local-ownership legislation
- Zimbabwean president has pledged to revive mining industry
Photographer: Chris Ratcliffe/Bloomberg
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Zimbabwe’s government may allow foreign investors to hold controlling stakes in diamond mines on condition that part of their output is reserved for domestic downstream industries.
Removing a limit on foreign ownership would signal to investors that President Emmerson Mnangagwa is serious about his pledge to revive mining, which suffered years of decline under his predecessor Robert Mugabe. The government is targeting diamond production of 12 million carats by 2023, compared with a forecast of 3.5 million carats this year.