Zimbabwe to Scrap Platinum and Diamond Mine Ownership Rules
- Government reversing rules requiring locals to hold 51% stake
- Foreign investors will be allowed to own 100% of operations
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Zimbabwean Finance Minister Mthuli Ncube said a rule requiring local investors to control platinum mines will be scrapped and foreigners will be allowed to own 100 percent in a bid to revive investment.
“We are removing that indigenization rule, which is discouraging foreign direct investment,” Ncube said in an interview with Bloomberg Television in Washington. “We say Zimbabwe is open for business; you can only be open if you allow ownership of 100 percent.”