Zimbabwe could seize mines over local ownership

Reuters reports Zimbabwe could take over mines that fall short of laws requiring them to sell majority stakes to locals by September, a government minister said on Wednesday.

Mineral-rich Zimbabwe has the world’s second largest known platinum reserves after neighbouring South Africa and foreign miners working there include Zimplats Holdings, a unit of Impala Platinum, global mining giant Rio Tinto, and Anglo Platinum.

Reuters reports:

Kasukuwere has previously told Reuters that Zimbabwe’s cash-strapped government would not pay any money for the mining stakes but would base any payment negotiations on the state’s ownership of the country’s untapped mineral wealth.