Bloomberg News

Zimbabwe Approves Black Investor Plans for 38 Mining Groups

September 29, 2011

(Updates with comment from minister in second paragraph.)

Sept. 29 (Bloomberg) -- Zimbabwe approved plans by 38 mining companies to sell majority stakes in their local operations to black citizens, according to Saviour Kasukuwere, the government minister in charge of the program.

“I am pleased to say that the deadline we set out has been met by all major mining companies,” he told reporters today in the capital, Harare.

Kasukuwere, the minister of youth development and economic empowerment, said his ministry is still “trying to address” proposals from the country’s banking industry.

Standard Chartered Plc, Barclays Plc and South Africa’s Standard Bank Group Ltd. are still to either submit plans or have their proposals approved, he said.

--Editors: Hilton Shone, Alastair Reed

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net


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