Mugabe gives go-ahead for changes in foreign mine law - 19th April 2006
Read more about the platinum group metals markets in Johnson Matthey's bi-annual reviews click here. Zimbabwe president Robert Mugabe has said that he is going ahead with plans to gain control of 51 per cent of foreign-owned mines in the country.
His comments appeared to back proposed changes to mining law put before the government earlier this year, increasing fears among foreign investors.
Mr Mugabe was speaking at a rally marking Zimbabwe's independence from the UK.
According to Reuters, he said: "We said we want 51 per cent in favour of Zimbabwe and 49 in favour of the investors.
"The depleting resources, non-renewable resources, are ours in the first place. You, the investor, will get a reward, yes, but that reward should be balanced by what we keep for ourselves."
Zimbabwe's government recently approved plans to change the country's mining laws in order to give itself more control over foreign-owned mines.
Mining has helped Zimbabwe ease its balance of payments problems, after much of its agricultural trade collapsed.
Mr Mugabe's latest statement comes just weeks after he seemed to move to ease the fears of foreign investors, when he said the proposed changes to mining law were still under discussion by various departments in government.
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