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June 2010
2010-06-14

Indigenization Economic Empowerment 'IEE' requires foreign firms to have at least 51% shareholding by local Zimbabweans.


Indigenization Economic Empowerment 'IEE' requires foreign firms to have at least 51% shareholding by local Zimbabweans.

The Chamber of Mines suggests indigenous investors in the sector should hold a minimum of 15% in foreign-owned mines. The balance to make up 51% should comprise of equity equivalents.

Indigenization regulations are being formulated and once established will bring certainty to the market.

"Government has no intention of expropriating the mining industry. No mine has been nationalized since independence. The record speaks for itself."


President Robert Mugabe,
The Herald,
3rd June 2010