New Dawn in Talks With Zimbabwe Government, Considers Listing
May 02, 2011, 9:20 AM EDTBy Brian Latham
May 2 (Bloomberg) -- New Dawn Mining Corp. is in talks with the Zimbabwe government about a law that requires it to sell or cede 51 percent of its shares to black Zimbabweans, the company said on its website.
Toronto-listed New Dawn also said it is seeking partners among Zimbabwe’s black-owned investment companies and pension funds and is considering a listing on the Harare-based Zimbabwe Stock Exchange. New Dawn owns three gold mining companies in Zimbabwe.
Miners in Zimbabwe have until May 9 to show how they will comply with the law, known as the Indigenization and Empowerment Act. The law requires all foreign-owned companies and all companies owned by white Zimbabweans with assets of more than $500,000 to dispose of 51 percent of shares to black Zimbabweans.
--Editors: James Kraus, Shanthy Nambiar
To contact the reporter on this story: Brian Latham in Durban at blatham@bloomberg.net.
To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.
