zimbabwe seizing control over mines

zimbabwe seizing control over mines

Zimbabwe's President Robert Mugabe at his 85th birthday celebration (REUTERS: Philimon Bulawayo)

Reuters Africa reported that Zimbabwe “plans to establish sovereign wealth funds to take at least 51 percent stakes in all mining companies that operate in the country.” This includes not only diamond mines (such as Rio Tinto, who has a 78% stake in the controversial Murowa mine) but metal mines as well – specifically the world’s largest and second-largest platinum producers. Zimbabwe’s nationalization of mines includes alluvial diamond mining, as well as the Marange diamond fields. President Mugabe plans to export more of these diamonds even though they have yet to be accepted into the Kimberley Process Certification Scheme.

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